The refurbishment bridging loan is specifically designed for light refurbishment, rather than properties that require planning permission or structural work.
The loan can also include replacement or refurbishment of kitchens and bathrooms, rewiring, internal reconfiguration and decorative works.
The product has flexible terms for amounts from £26,000 to £5m with loans being offered at competitive rates and further advances are available to cover 100% of the refurbishment cost.
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Refurbishment has become the most popular reason for taking out a bridging loan, according to a recent industry report, surpassing mortgage delays.
Together’s new product was created with that in mind.
Marc Goldberg, commercial CEO at Together (pictured above), said: “We’re continually reviewing and improving our product range, and this new loan has been devised to help property investors and landlords access the finance they need to grow their portfolios.
“We’ve seen increasing demand for short-term finance from investors who are buying properties in need of renovation, so our intention is to support them not only with the purchase, but also with their refurbishment.”
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