The update will mean that if refurbishment works have increased the market value as expected, the 75% maximum LTV will be re-applied to the revised valuation, subject to underwriting.
This will enable further borrowing up to the revised maximum limit.
The loan can be extended for a further 12-month period at this stage.
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Andy Reid, director of sales at Oblix Capital (pictured above), 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.”
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