Masthaven Bridging Finance has launched a renovation and refurbishment bridging loan.
It 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, or the high street banks are simply unwilling to lend against specific development projects, the FSA regulated lender said.
This may be that the property has no kitchen or bathroom, or it may be a new build property that needs completing. Other uses of the loan can include putting an extension on a property or converting an existing house into flats.
Up to 65% of current Open Market Value can be borrowed, with a maximum loan size of £2 million.
A multiple drawdown facility is also available for those projects that require it and there are no exit fees.
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.