‘Lending for Refurbishment Costs’ – up to 100% of refurb costsMake Text Bigger
Shawbrook Bank the specialist property investor lender has released a light refurbishment option called “Lending for Refurbishment Costs”, to their STL range and is a unique approach to this type of lending.
In addition to borrowing 75% Loan to Value against the lower of day one purchase price or value, applicants can now borrow up to 100% of the refurbishment costs on a single larger facility on the Shawbrook STL (Short Term Loan)1 & 2 products.
- The loan may not exceed either 85% LTV against the lower of day one purchase price or value, or, 70% of Gross Development Value or after works value (whichever is lower)
- All funds are advanced to the borrower on day one
- No Quantity Survey required, just an interim inspection at the end of month 3
- Product is available on light refurbishment projects across residential and semi-commercial security
Short Term Loan products:
- 0.25% existing customer discount, and ability to switch to a Shawbrook term product with £0 arrangement fee
- Arrangement fee added on top of the loan outside maximum LTV
- No minimum interest periods or Early Repayment Charges (ERCs)
Maximum 24 month term across all STL products, providing flexibility and time to refinance/sell
Pricing includes a 0.1% margin above 75% LTV
STL1 Residential is 0.8% pcm with a 1.95% lenders fee added to the loan
STL2 Semi-Commercial is 0.91% with a 1.95% lenders fee added to the loan
If you need help with this or any other type of property or commercial borrowing please contact me on the form below and my team and I will be happy to help.