The new option is available for individual property developers, partnerships, LLPs, corporate entities, limited companies and PLCs looking to upgrade existing properties where structural changes or revised planning consent are not required.
The product offers loans between £500,000 and £5m at a maximum 75% LTGDV for deals where the cost of refurbishment is less than 20% of the total price of the project.
Interest rates will range between 8.50%-11% plus Bank of England base rate, and loan terms can go up to 24 months.
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Gareth Davies, head of development finance at Hodge (pictured above), said: “We’ve found that some refurbishment projects simply don’t require the full rigour of a development facility — for projects where changes can be purely cosmetic or non-structural, a simplified approach would be helpful.
“We realise that sometimes finding the budget to overhaul a property or to simply fit new kitchens or improve bathrooms can be challenging, so this new refurbishment product is perfect for developers looking for that extra financial funding to complete their refurbishments to a high standard and achieve the highest yields possible.
“The launch of this product is the latest in a series we have added to our portfolio over the last few months, as we continue working to support property developers at every stage of a project.
“We are dedicated, as a specialist lender, to delivering flexible and tailored solutions capable of providing developers with all the support they need, at every stage of a development.”
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