LendInvest has launched a refurbishment product with interest between 0.92% and 1.1% per month which is rolled up and paid at the end of the term.
The loan is based on gross development value, not loan-to-value – and is available up to 70% GDV.
Customers can take out loans between £100,000 and £2m for terms up to 18 months.
Steve Larkin (pictured), director of development finance at LendInvest, said: “At LendInvest, our deep experience of lending both bridging and development finance puts us in an desirable position that allows us to develop tailored products like our new refurbishment loans.
“These will appeal to the type of property professional for whom an LTV-based bridging loan is not flexible enough, yet who doesn’t need a full development loan for their relatively straightforward refurbishment project.
“Basing our refurbishment loans on GDV not LTV means more leverage for the developer and less capital needed upfront.
“It’s this flexibility that is crucial to borrowers, and for which LendInvest loans are increasingly becoming known among borrowers and their intermediaries.”