The renovation and refurbishment bridging loan is aimed at the client who is unable to obtain high street funding due to the current state of the property they are looking to secure funds against.
It may be that the property has no kitchen or bathroom, or it may be a new build property that needs finishing off. Other uses of the loan can include putting an extension on a property or converting an existing house into flats.
Masthaven will offer up to 65% of the current open market value of the property up to £2,000,000. There is never any exit fee on Masthaven products and the interest is calculated daily. A multiple drawdown facility is also available for those projects that require it.
Richard Deacon, sales and marketing director of Masthaven, said “We have been working on this product for some time and we are very happy with it.
“We get calls every day from clients who are unable to obtain funding for their projects from standard providers as the high street banks do not want to lend on these types of projects.
“With our new funding lines and flexible approach to lending we see this as a big growth area for the industry.”
