John Heron

Paragon offers new short-term finance products for landlords




Paragon has introduced short-term finance products for property acquisition and refurbishment.

The new options have been designed to help landlords to purchase and improve properties, and for those looking to upgrade already-owned property to achieve higher yields.

The range will cover standard, light and heavy refurbishment projects, and also extends to projects involving a change of use for HMOs and multi-unit conversions.

John Heron, director of mortgages at Paragon (pictured above), said: “Short-term finance is an important part of the funding mix, especially for professional landlords looking to grow or reconfigure their property portfolio.

“As landlord tax changes begin to bite, property refurbishments can offer an attractive route to boost capital value and improve yield.”

Loans are available up to £1m, with LTVs ranging from 65–75%.

Terms are offered from one to 12 months, depending on the loan, and the loans come with a choice of either monthly payments or rolled up interest.

Landlords applying for standard and light finance with a maximum term of six months can opt for a simultaneous short-term finance and BTL mortgage application on the same property.

The same underwriter will be assigned to both of these applications, and customers can benefit from reduced mortgage application fees.

The products will also be applicable to those that need planning permission, permitted development rights or building regulations.

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