Privately funded commercial lender, Cornerstone Capital has answered a call from property investors and landlords by launching a new Light Refurbishment Loan product, specifically designed with property refurbishment projects at heart.
With a reported increase in the number of refurbishment projects in the UK, Cornerstone Capital has filled a gap in the market by launching a range of short-term bridging loans specifically designed for borrowers undertaking property refurbishment projects.
The new Light Refurbishment Loan offers a minimum loan rate of £25,001 and a maximum of £200,000. It will provide loan-to-values (LTVs) of a maximum of 85% on the purchase price, with monthly interest starting at 0.9%. Clients will be offered term options of 6 or 9 months.
Commenting on the launch, Chief Commercial Officer for Cornerstone Capital, Haydn Thomas, said:
“We are delighted to bring this finance product to market – reacting quickly to the market needs.
“With the property market booming in the UK, the last six months has seen a vast number of enquiries from developers looking to undertake quick refurbishment projects, before then selling. With an increased demand for such refurbishment bridging loans, this product offers developers the short-term flexibility to improve property and therefore add value.”
Cornerstone Capital Finance Limited, part of The Cornerstone Finance Group, launched in March, offering short-term lending loans to property developers and private investors, to support regeneration and growth of the Welsh economy.
Light Refurbishment Loans are short-term finance products designed to help landlords and developers plan to purchase and improve property, as well as those looking to upgrade already-owned property to achieve a better yield. Typically, light refurbishment is a project where no structural work will take place, such as central heating system installation, rewiring, cosmetic improvements and kitchen and bathroom installation.
“We have seen a growth in business at Cornerstone and this product has been created in response to customer and market feedback.
“We are delighted to bring this accessible, short-term funding option to help further support our clients.”