Hampshire Trust Bank (HTB) has expanded its specialist property finance offerings by introducing a new Heavy Refurbishment product.
With a monthly rate of 0.90% and terms of up to 24 months, the Heavy Refurb product offers day-one lending of up to 70% of the current property value, along with a maximum loan-to-GDV ratio capped at 70%, including rolled interest.
Loans start at a minimum of £150,000. The cost of works cannot exceed £1m, which includes any self-funded portions or contingencies, and all costs must be independently verified by asset managers.
Funding is distributed in arrears across up to five pre-agreed tranches.
Lorenzo Satchell, sales director of bridging at HTB, said: “HTB has taken the time to listen to our key partners about what they need from lenders, and it’s clear there’s a strong demand for Heavy Refurbishment funding.
“Landlords are increasingly looking to extend properties to generate better yields or carry out conversions on properties with permitted development in place.
“However, they need agile, flexible funding to make these works a reality.”
Satchell added: “Adding Heavy Refurbishment not only strengthens and enhances our current bridging offering, but it also complements what we already do across the wider HTB channels – whether it’s supporting exit strategies through our specialist mortgage team or for those with a proven track record looking to take the next step in ground-up developments.”
Alex Upton (pictured), managing director of specialist mortgages at HTB, said: “The launch of our Heavy Refurb product is a key part of HTB’s ongoing commitment to continually improving our bridging offering.
“This product not only expands our proposition but also reflects our dedication to providing brokers with flexible, adaptable solutions that fit even the most complex client requirements.”
“Our goal is to ensure brokers always have the funding options they need, exactly when they need them.
“This commitment extends to providing direct access to decision-makers and supporting brokers throughout their journey with HTB.”
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