There’s also an uncommitted option to wrap to a further bridge after works are completed.
Specialist lender Oblix Capital has tweaked its refurbishment bridge product, allowing more extensive work to be undertaken within the bridge.
There’s also an uncommitted option to wrap to a further bridge after works are completed.
Andy Reid, director – intermediary and network at Oblix Capital, said: “We’re delighted with the positive response and number of enquiries we’ve received since we enhanced the product in June, but we aren’t happy to rest on our laurels.
“We’ve continued to seek broker feedback, and we’ve acted further on what they’ve told us.
“The deals presented to us vary in their make-up and requirements and in the past we have tailored bespoke rates and terms for many of these.
“We’ll continue that approach, but we’ve also taken steps to reduce some of the interest rates across our bridging contracts. Essentially, we have now created a new range of rates dependent upon the enquiry style, and amended the LTV bandings.
“I’m sure that the option to undertake a wider range of works, coupled with our re-pricing, a £10m maximum loan amount and our creative approach to lending, will prove invaluable to brokers.”
In June a revaluation option at building control stage was introduced which allows further borrowing up to the revised 75% loan-to-value (LTV), and an extension of the loan for a further 12 months.
