London Credit launches Fast & Flexible Refurb product
15 June 2021
Bridging lender, London Credit has launched a Fast & Flexible Refurb product.
The Fast & Flexible Refurb allows for up to 100% of the cost of works and can be used to finance renovations, extensions or even conversions. The product also allows for further advances, which can be considered for additional work without the need for a new facility – avoiding additional legal or other fees. This is particularly useful if new planning permissions are secured on the property during the course of the renovations.
Fast & Flexible Refurb is available up to a maximum term of 18 months and can be secured against most types of properties in England, across residential, semi-commercial and commercial to residential conversions. It can also be used on HMOs. Loans can be used for a wide variety of purposes including heavy refurbishments, conversions, PDR schemes and finish and exits.
Fast & Flexible Refurb is available up to a maximum LTV of 70% on loan sizes from £100,000 to £3m. The Arrangement Fee is 2% and there is no Application Fee or Exit Fee.
Marios Theophanous, Credit Manager at London Credit, says: “Property refurbishment continues to present a big opportunity for investors and often renovations, extensions, or even conversions, can be completed quickly to deliver an uplift in rental potential and capital value. For those investors who are looking for a fast and flexible funding solution on refurbishment projects, we have launched Fast & Flexible Refurb. The product is supported by our exceptional service, which means we are able to help investors access new refurbishment opportunities within days of submitting an application.”
