Masthaven Finance has announced that it has overhauled its bridging refurbishment range, introducing enhanced criteria, reduced pricing and increased loan-to-value (LTV) bands across its non-regulated and regulated bridging refurbishment products.
The specialist lender's changes are aimed primarily at professional developers and property investors, covering both lighter works and larger projects.
Non-regulated refurbishment and heavy refurbishment are now available up to 70% LTV net of purchase price or value, with 100% of refurbishment costs, the arrangement fee and interest for the full term of the loan added to the facility. Rates start from 0.84% per month.
The same enhancements have been applied to Masthaven's regulated refurbishment range, supporting borrowers carrying out works on a property that is, or will become, their own home, an area of the market that has historically been underserved.
Regulated bridging borrowers can now access rates from 0.89% per month, up to 70% LTV of purchase price or value, again with 100% of refurbishment costs, the arrangement fee and interest added to the facility.
The refresh also brings reduced pricing across the lender's residential and specialist finance ranges, alongside the introduction of a new 60% LTV bracket across all bridging products.
Borrowers can now access first charge loans from 0.79% per month at 60% LTV, while larger residential loans over £500,000 benefit from a new rate of 0.74% per month.
"We have enhanced our refurbishment range to give brokers a genuinely competitive proposition to take to their clients," said Jim Baker, sales director for bridging and development at Masthaven Finance (pictured).
"We have extended the same changes to our regulated range, so it's not just professional landlords who benefit. Brokers can now bring a competitive refurb option to homeowners, a group that has long been underserved."
