The product, which offers loans up to 65% of the initial value of the property at a fixed rate of 0.95% per month, enables the borrower to draw down 100% of refurbishment costs.
Alan Margolis, head of bridging at United Trust Bank, said: “The short-term bridging loan market is continually evolving and there has been increasing use of short term bridging loans to acquire and renovate properties.
“We have recognised this by creating a specific tailored bridging product which intermediaries will be able to offer to their professional clients."
Its launch was overseen by bridging sales manager Nick Warren, who recently joined from another specialist development lender and has 10 years’ experience of such schemes.
Margolis added: “Nick’s experience in this field will enable us to focus on customer service aligned with our competitive pricing and I am confident that our refurbishment product will be extremely successful.”
