Blend Network has launched a new ‘light’ refurbishment financing product specifically designed to fund property refurbishment loans.
The Light Refurbishment Plus product range offers loan-to-gross-development-value (LTGDV) of up to 75 per cent, with a loan-to-cost of 90 per cent.
Loan values will range between £500,000 and £10m, with rates starting at 0.65 per cent per month.
The loan product was created in response to demand from Blend’s existing borrower base. The platform has funded several refurbishment projects in recent months, including a restoration scheme of 10 historical properties in Gloucestershire.
“We are thrilled to bring this finance product to market – reacting quickly to the market needs,” said Paul Watson, head of lending at Blend Network.
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“Over the past year we have seen a huge number of enquiries from brokers looking to secure finance for clients who wish to undertake quick refurbishment projects before selling.
“The increased demand for such refurbishment products reflects the thriving property market in the UK and we at Blend Network are delighted to be at the forefront of clients’ needs.
“We have a track record of delivering top quality support and products to brokers and their clients. By introducing our new Light Refurbishment Plus product, we believe Blend Network is providing intermediaries access to an increased choice of creative and flexible development finance solutions.”
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