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Octane extends permitted works, LTVs and LTGDVs on refurbishment

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  • 20/02/2020
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Octane Capital has overhauled its refurbishment products including changes to works permitted, loan to values (LTV) and loan to gross development values (LTGDV).

 

The lender upped the level of works permitted from 50 per cent up to 100 per cent plus of the current market value of a property for heavy refurbishment projects.

It has also increased the maximum LTV (on day one) and maximum LTGDV up to 75 per cent.

It said the improved market outlook was behind the changes allowing it to open out its risk profile.

“This will give landlords considerably more firepower to manufacture value from their portfolios to maintain a strong margin and reinvent them in order to keep pace with increasingly popular private rental sector developments,” the lender said.

Managing director Mark Posniak (pictured) added: “Revisiting our refurb range was a logical step given our renewed confidence in the outlook for UK property and the broader forces at play within the rental market.

“Refurbs are not just a way for landlords to manufacture value out of their portfolios to mitigate the impact of taxation changes but also to reinvent them to remain competitive alongside the growing threat that is PRS.

“The result is a surge in demand for refurbs across the board, from light and moderate to heavy.”

 

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