The lender, which lowered select rates in January, will now support the conversion of commercial properties to residential with up to four units, and residential conversions into houses of multiple occupation (HMO) up to 10 lettable rooms.
This is available under its tier 2 criteria.
Precise Mortgages has also created a bridging team that will focus on supporting broker enquiries and assisting them through completion to post-offer.
Marc Callaghan (pictured), head of specialist finance at OSB Group, said: “I am delighted to be announcing our dedicated bridging team alongside expansion in our heavy refurbishment offering in Precise Mortgages. Our expert team are well-versed in bridging and the potential complexities that can appear with this type of finance and will be on hand to support brokers and customers throughout their bridging journey.
“With popularity increasing in co-living arrangements, now is the ideal time for us to be widening our criteria for heavy refurbishment cases in Precise Mortgages, to help brokers support their customers with varied financing options. The co-living sector has almost trebled since 2019 and there are now 25,021 units across the UK classed as co-living.”
Sam O’Neill, head of bridging at Clifton Private Finance, added: “It’s great news for the bridging industry that Precise Mortgages have broadened their refurbishment bridging criteria. Precise are already a key lending partner for us when we are looking at refurbishment bridging for our clients, and this enhancement to their criteria will offer more options to not only our clients but also the wider industry.
“The addition of offering conversions from commercial property into residential at competitive pricing along with having the ability to support the client with the refurbishment costs on a staged drawdown basis is evidence that Precise Mortgages are listening to their brokers’ feedback.”
He added: “We have always had great support from Precise Mortgages, both from the underwriting team and our dedicated specialist finance account manager. Their experience and support is vital to us getting the best possible outcomes for our clients.”