Hampshire Trust Bank (HTB) has boosted its specialist property finance offering with the launch of a Heavy Refurbishment product.
The Heavy Refurb product has a rate of 0.9% per month and terms available up to 24 months.
It offers day-one lending of up to 70% of the current property value, with a maximum loan-to-GDV ratio capped at 70%, including rolled interest.
It is designed to support larger, more complex projects. Loans start from a minimum of £150,000 and must not exceed £1m.
The borrowing cap includes any self-funded portions or contingencies, or 70% of the current value of the property, with all costings independently verified by asset managers.
Funding is distributed in arrears across up to five pre-agreed tranches.
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The launch of the Heavy Refurb product is the latest example of HTB refining its bridging proposition.
The bank has also introduced dual representation for bridging cases, offering brokers and borrowers a more streamlined, efficient process.
This is alongside new business development executive (BDE) roles designed to maintain the highest standards of service and provide a consistent point of contact for advisers.
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.”
He continued: “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.
“HTB will continue to innovate and invest in order to deliver for brokers and borrowers – we set the bar when it comes to property finance.”
