Lendco has launched a bridging product aimed at real estate investors who buy and modernise properties.
The specialist lender’s standard bridge offer can include light cosmetic works such as kitchen and/or bathroom upgrades, provided that the work does not exceed 7.5% of the property value.
The product range covers:
- Loans from £100,000 to £500,000 — 75 basis points per month
- Loans from £500,000 to £1m — 79bps per month
Lendco executive director Alex King says: “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 adds: “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 buy-to-let space.”
