Refurb to Let Product

We have a lender who offer a refurb to let product designed for refurb projects where the borrower wants to bridge the purchase and convert to a buy to let at 75% LTV when the refurb is done.

It is designed for light refurb works with refurb costs no more than 25% of the purchase price / value.

There is no minimum period of ownership before converting to a buy to let and just one set of fees and legals.

Refurb To Let Parameters:

Loan to Value: Up to 75% (first charge)

Loan Size: £75,000 - £500,000

Term: 3 years

Arrangement Fee: 3%

Exit Fee: None

Location: England, Wales and Scotland

Affordability Testing: 125%

Security Type: Residential properties and standard construction only

Interest Rate: 3.99% + Base

Borrower: Must own at least one property investment or own residence

Valuation Type: Full valuation required

Legal Fees: £1800 inc. VAT

Adverse Credit: Considered