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Introducing our new two-tier refurbishment offering

James Forth


Emily Hollands - Head of Specialist Finance

Published 05.05.2022

The arrival of the warmer weather and the lighter nights usually heralds the start of the home improvement season.

All over the country, home owners will be busy refurbishing their houses, maybe choosing a new bathroom or kitchen, or even planning to add an extension to their properties.

It’s the same for landlords. Many of those who’ve recently purchased a new buy to let property may be considering the work they need to carry out to make it habitable before they can let it out or what they can do to maximise their rental yield.

So if you’re approached by a customer looking for short-term finance to enable them to do some straightforward refurbishment work or to carry out a more complex project, I’m delighted to be able to tell you about our recently expanded bridging range.

As we’re part of the larger OSB Group, we’ve been able to bring together the best of Precise Mortgages and our sister company InterBay to provide you and your customers with even more bridging solutions.

This is the first time we’ve leveraged our expertise across both brands, and our new two-tier proposition, in addition to our standard range, gives you a real breadth of products, and which now includes non-regulated tier 2 refurbishment finance through Precise.

Customers can access the following through Precise Mortgages and InterBay:

Tier 1 refurbishment Tier 2 refurbishment
Rates from 0.47% per month Rates from 0.59% per month
Up to 75% LTV Up to 70% LTV
Works that don’t alter the external footprint or outline of the property Works that alter the external footprint or outline of the property, e.g. extensions, loft conversions
Properties deemed uninhabitable by long-term lenders, e.g. no kitchen or bathroom Works that require planning permission
Works to replace or update building components and non-structural alterations Works where there’s a change in overall use/nature of the premises
Properties currently at ‘wind and water tight’ stage, but require completion Single unit to multi-unit/multi-unit to single unit
Works being completed under permitted development rights Barn conversions
Residential to HMO conversion of up to 6 bedrooms (non-regulated only) Conversion of a house into a maximum of 6 flats (non-regulated only)

Customers can also access the following through InterBay’s tier 2 offering:

  • Conversion of a commercial unit into a maximum of 4 flats
  • Developer exit – rates from 0.59% and LTVs up to 75%. Suitable for experienced developers with a residential development that has reached practical completion, with the benefit of all consents and a warranty or PCC.
  • As part of our developer exit scheme, we can also consider the following schemes:
  • Single properties valued at £2 million or more
  • Multi-unit schemes where there are 10 or more units
  • Total value of £5 million or more

For full details about our exciting new offering, download our multi-brand bridging finance summary guide.

As one of the UK’s leading specialist lenders, we’re always looking for new ways to help you support your customers’ changing needs. This new proposition is just the latest example of the diverse solutions we provide, backed up with first-class support from our award-winning sales team.

Don’t forget, if you’ve got a question or need a little extra help, a member of our sales team is always here to help. Alternatively, you can speak with our dedicated intermediary support team by calling 0800 116 4385.

 

For intermediary use only
BBR 1.25%