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.”
How clients can apply
The new Refurbishment Loan product will be exclusive through Cornerstone Commercial Finance. If you’re looking to finance your project, apply now here.