<
p>Birchwood Mortgages Ltd, Goldentree’s subsidiary company, has revealed it has launched a new regulated refurb product…
The new product entitled Refurb Mortgage 90’’ boasts no exit fees or minimum interest and can offer loans from £50,000 up to £1m.
The product is designed to help clients buy a property which doesn’t meet mainstream mortgage criteria on day one, for reasons such as not being habitable.
Commenting on the new product from Birchwood Mortgages, Steve Marsh, Managing Director of Goldentree Financial Services, said: “The product therefore allows clients to buy the property, refurbish it and then take out a conventional longer term mortgage to repay us.”
The product, which is a combination of a bridging and development finance mortgage, can offer terms of up to 12 months for up to 90% of the purchase price and 80% of GDV.
In order to use this product a first charge is required, and as Birchwood Mortgages does not offer advice, deals need to be introduced by regulated mortgage brokers.
Birchwood Mortgages Ltd, Goldentree's subsidiary company, has revealed it has launched a new regulated refurb product….
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