Sancus launches refurb product
Peer-to-peer property lending platform Sancus has launched a refurbishment product.
The specialist bridging and development lender’s ‘Refurb by Sancus’ product offers up to 75 per cent of the property value, excluding interest, on the first day of the loan and provides up to 100 per cent of the refurbishment or renovation costs.
Developers, investors and landlords can borrow between £150,000 and £5m with rates starting at 0.55 per cent.
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“The interest we have already seen on this product since its launch a fortnight ago has been phenomenal amongst our broker network,” said Richard Whitehouse (pictured), sales director at Sancus Lending (UK).
“It seems to have filled a gap in the market for them on their client offering.
“The additional funds available on first drawdown as a result of our net 75 per cent advance is helping our brokers to win new clients and helping their clients take on more projects without increasing their cash commitment.
“We are rolling this product out through our business development teams in the North and South over the coming months through face-to-face meetings and trade shows, including Mortgage Business Expo (North) at Manchester Central on 22 March and The Property Investor Show at Excel on 1 and 2 April.”
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Last year, Sancus launched two other core products, ‘Bridge by Sancus’ and ‘Development by Sancus’.