Refurbishment is the second most popular reason for taking out a bridging loan, according to the latest Bridging Trends quarterly report.
Together commercial CEO Marc Goldberg (pictured) said the loan has been devised to help property investors and landlords access the finance they needed to grow their portfolios.
“We’ve seen increasing demand for short-term finance from investors who are buying properties in need of renovation, so our intention is to support them not only with the purchase but also with their refurbishment,” he said.
The refurbishment bridging loan is specifically designed for light refurbishment, rather than properties that require planning permission or structural work, but can include replacement or refurbishment of kitchens and bathrooms, rewiring, internal reconfiguration and decorative works.
With flexible terms for amounts from £26,000 to £5m, the loans have further advances available to cover 100% of the refurbishment cost.
Together saw record lending in short-term finance in the year to 30 June 2017, totaling £677.5m.