The product allows for 100 per cent of the cost of works and can offer further advances for additional renovations if planning permission is secured during construction.
The extend or convert refurb is available up to a maximum term of 18 months and can be secured against most types of properties in England, including residential, semi-residential and commercial to residential conversions.
Loans can be used for heavy refurbishments, conversions, permitted development right (PDR) schemes and finish and exits.
It is available up to 70 per cent loan to value for loan sizes from £100,000 to £3m. The arrangement fee is two per cent and there is no application or exit fee.
Marios Theophanous (pictured), credit manager at London Credit, said: “There are many refurb products available in the bridging market, but most only allow for cosmetic changes and modernisation. The real opportunity for investors, however, lies in being able to extend or convert a property to deliver a significant uplift in value.
“With this in mind, at London Credit we have launched our extend or convert refurb product which allows changes that require planning permission, buildings regulations or both.”