The loan term can also be extended for a further 12 months at this stage.
Oblix Capital has changed its refurbishment bridge product, by allowing the market value to be updated at the point of building control sign-off.
If the refurbishment works have increased the market value at that point as expected, the 75% maximum loan-to-value will, subject to underwriting, be re-applied to the revised valuation, enabling further borrowing up to the revised maximum limit.
The loan term can also be extended for a further 12 months at this stage.
Andy Reid, director of sales, said: “I’m delighted with this enhancement to our refurbishment bridge product – when building control is signed off, the new feature will provide flexibility and options to the borrower.
“It’s a great example of how Oblix Capital is using its experience and understanding of the market to offer creative real estate lending solutions.”
