Lender raises LTV and offers full refurbishment cost coverage
Hampshire Trust Bank (HTB) has rolled out enhancements to its heavy refurbishment bridging product, giving brokers greater flexibility when structuring complex property deals.
The changes, which take effect immediately, raise the maximum Day 1 loan-to-value (LTV) from 70% to 75%, aligning the offering with HTB’s standard bridging range. In addition, for projects where the loan-to-gross-development-value (LTGDV) is 65% or less, the bank can now finance refurbishment costs up to 100% of the property’s initial value.
The updates are designed to support more ambitious client projects, such as conversions and property reconfigurations, by offering greater scope for funding and risk management.
Launched last year in response to growing demand from intermediaries for more adaptable refurbishment finance, the product retains key features including staged drawdowns released in arrears, milestone verification by an asset manager, and no exit fees. The product is now available across England and Wales.
“Brokers are telling us they need more flexible funding options, especially when their clients are taking on more ambitious refurbishment projects,” said Andrea Glasgow (pictured left), sales director of specialist mortgages and bridging at Hampshire Trust Bank. “These updates give them exactly that without losing the control and structure HTB is known for.
“We’ve deliberately built this product to support complex property strategies, from permitted development and commercial-to-residential conversions to heavy internal reconfiguration. It’s a product that gives brokers options and gives their clients the confidence to push ahead.”
According to Alex Upton (pictured right), managing director of specialist mortgages and bridging at Hampshire Trust Bank, the bank remains committed to supporting brokers as investors take on more varied and challenging refurbishment projects.
“HTB’s strength in refurbishment lending lies in our ability to back the right deals with speed and certainty,” she said. “We understand the complexities of these projects, we know how to structure the right solution, and brokers trust us to deliver.”
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