Dragonfly Property Finance has overhauled its range of residential refurbishment products – offering products to 75% LTV.
Loans come with a 2% arrangement fee, an exit fee of 2% and charge interest at 11% per annum. Alternatively, borrowers can choose to pay a 2% initial fee, interest of 1.15% per month and avoid the exit fee.
The maximum refurbishment cost on the loans is £750,000, or 50% of the initial value of the property.
Mark Posniak, head of sales and marketing, Dragonfly Property Finance, said: “Professional developers and landlords have always been integral to the Dragonfly proposition and, after discussions with brokers and clients alike, we have created a product that we believe provides them with considerably more flexibility and firepower — and has flipped refurb on its head.
“Our goal is to make ourselves the first port of call for the serious property professional and our refurbishment revamp will hopefully take us a step closer to achieving that.”
The maximum loan size is £10m and 100% of refurbishment costs are typically funded in arrears.
The maximum LTGDV (Loan to Gross Development Value) is 70%, while the maximum LTC (Loan to Cost) is 80%.