The new product range offers Loan-To-GDV (LTGDV) of up to 75% by effectively blending mezzanine and senior debt into one single facility and making it easier and faster for developers to borrow in one place without having to structure the deal with several lenders.
This means that borrowers are able to optimise their Day 1 cash flow and therefore maximise returns. Light Refurbishment Plus offers Loan-To-Cost (LTC) of up to 90% and is available to experienced property developers on buy-to-let rental properties which may benefit from minor improvements. It offers a minimum loan of £500k and a maximum of £10m with monthly interest starting at 0.65% per month.
According to the lender, the launch of the new range follows a growing market demand with the company seeing a rise in building conversions in prime areas of city centres such as London, Birmingham, and Manchester.
Paul Watson, Head of Lending at Blend Network, commented: “We are thrilled to bring this finance product to market – reacting quickly to the market needs. Over the past year, we have seen a huge number of enquiries from brokers looking to secure finance for clients who wish to undertake quick refurbishment projects before selling. The increased demand for such refurbishment products reflects the thriving property market in the UK and we at Blend Network are delighted to be at the forefront of clients’ needs.
"We have a track record of delivering top quality support and products to brokers and their clients. By introducing our new Light Refurbishment Plus product, we believe Blend Network is providing intermediaries access to an increased choice of creative and flexible development finance solutions.”
