Bridging
MTF revamps heavy refurb range
MTF has relaunched a heavy refurbishment bridging product range with rates starting at 0.8% per month and up to 70% loan to value (LTV) of the open market value.
First and second charge applications are accepted, both with up to a 24-month loan term, there are no exit fees or early repayment penalties and borrowers can apply as individuals or through limited companies.
The lender said it was designed to cater for growing demand from borrowers wishing to add value to their investment by undertaking heavy refurbishment works which include basement digs, loft conversions, completing a development project and commercial conversions to residential.
As part of the changes, the lender has simplified its pricing and dropped rates across its entire range, with rates starting from 0.75% on first and second charge bridging loans.
MTF commercial director Gareth Lewis said: “Having listened to feedback from broker partners, we have created these new products to help property investors and developers access the finance they need, with speed and with minimum fuss.
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“Property investors and developers are integral to the UK housing market, so it is vital they get the support they need so they can continue to provide supply to meet the ever-constant demand.”