The product is a standard bridge and can include light cosmetic works — such as kitchen or bathroom upgrades — provided the works do not exceed 7.5% of the property value.
Loans from £100,000 to £500,000 are priced at 0.75% per month and loans from £500,000 to £1m are priced at 0.79% per month.
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Alex King, executive director at Lendco (pictured above), commented: “With demand for bridging loans increasing throughout this year, we’re very pleased to offer this product to support our brokers and their clients further.
“As a live example, on a loan of £500,000, the flexibility of our terms means the client can carry out up to £50,000 of decorative works.”
He added: “This offers the possibility of adding substantial value to the property, which, in turn, could have a massive impact on the revaluation and potential entry of the stock into the BTL space.”
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