Home Finance specialist Alternative Bridging launches a renovation range

Alternative Bridging launches a renovation range

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“We understand that there can often be unforeseen additional costs that arise during a renovation and therefore, as the work is completed, we are able to advance additional funds.”

Alternative Bridging Corporation has launched a line of specialty home improvement loans.

The range, which is available for light and heavy renovations on residential and commercial properties, includes an initial advance for purchase or refinancing, additional drawdowns to finance improvements, a final advance on practical completion (PC) works and a reduced interest rate after PC.

There is also the option on unregulated loans to extend or convert to a 3-5 year interest-only term loan.

Alternative Bridging Home Improvement Loans are available on regulated and unregulated loans, can be secured as a first or second charge on residential property, or a first charge on commercial property, and are available for loans ranging from £ 350,000 to £ 3million.

First load light development products are available starting at 0.75% pm, decreasing to 0.65% pm on PC, on an initial loan of 65% and a maximum gross value of development loan (LTGDV) of 70 %.

Second charge lighting refurbishment rates start at 0.85% and decrease to 0.75% on PCs with a maximum LTGDV of 65% LTV.

First charge rates start at 0.85%, rising to 0.65% on heavy renovations and 0.75% on commercial renovations upon completion, out of a maximum LTGDV of 65%.

Jonathan Rubins, Director of Alternative Bridging Corporation, said: “Our new line of home improvement loans offers investors and homeowners a comprehensive set of financing options that have been specifically developed to finance the various stages of a home improvement project in both residential and commercial real estate. . As experienced real estate lenders, we understand that there can often be unforeseen additional costs during a renovation and therefore, as the work is completed, we are able to advance additional funds.

“On top of that, we can also lower the Convenient Completion Rate and provide the ability for most borrowers to extend the loan or convert it to a 3-5 year interest-only term loan. The ranges offer full flexibility to meet individual customer needs.


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