Sancus has launched a new refurbishment product aimed at UK brokers and their clients in the property sector, including developers, investors and professional landlords.
‘Refurb by Sancus’ offers up to 75% of the property value (excluding interest) on day one of the loan and provides up to 100% of refurbishment or renovation costs with rates starting at 0.55% on loans from £150k to £5m.
The product launches alongside Sancus’ two other core products, Bridge by Sancus and Development by Sancus which were launched last year.
Richard Whitehouse (pictured), sales director at Sancus Lending (UK), said: “The interest we have already seen on this product since its launch a fortnight ago has been phenomenal amongst our broker network. It seems to have filled a gap in the market for them on their client offering.
“The additional funds available on first drawdown as a result of our net 75% advance is helping our brokers to win new clients and helping their clients take on more projects without increasing their cash commitment.
“We are rolling this product out through our business development teams in the North and South over the coming months through face to face meetings and trade shows, including Mortgage Business Expo (North) at Manchester Central on 22 March and The Property Investor Show at Excel on 1 and 2 April.”