LendInvest has launched a new bridge-to-let product for borrowers seeking to refurbish a property before exiting to a buy-to-let mortgage.
Its bridge-to-let loans are available for amounts between £75,000 and £750,000, and on terms up to 12 months. A maximum LTV of 75% applies at an interest rate of 0.60% per month.
The bridge-to-let product will be available for light refurbishment of residential properties, including HMOs with a maximum of six bedrooms.
The lender said its product is suitable for borrowers who require a short-term residential loan before transitioning to a buy-to-let mortgage.
Matthew Tooth, chief commercial officer at LendInvest, said: “With the second anniversary of our buy-to-let product launch in sight, we can confidently explore how we can add further value for our borrowers when building their buy-to-let portfolios. In launching our bridge-to-let product, we are able to provide flexible finance that landlords need during those important early stages of a buy-to-let investment.
“At LendInvest we build our products in a way that allows us to serve our borrowers at each and every stage of their project. Keeping our customer front of mind allows us to continue delivering the right products to market, at speed.”