Lendhub have announced they have introduced two new bridging products that will provide clarity and transparency by fixing the valuation and legal costs and provide funding up to 100% of refurbishment costs.
The new products are available on residential and light refurbishment bridging loans from £250k to £1.5m, up to 75% LTV, for properties located within the M25. Borrowers looking to acquire properties to refurbish would be able to benefit from funded refurb costs and rolled-up interest thus maximising day one advance or could choose to fund the works themselves.
Borrowers using the fixed fee products will also benefit from short-form valuations which can significantly reduce turnaround times. The pre-agreed valuation and legal fees will be determined by property value and loan size, all of which can be viewed on the lender’s website.
Commenting on the product release, Christopher Adamou, Managing Director said “We like to approach lending with an innovative and creative mindset, and are always on the lookout for solutions to improve our products and services whilst increasing transparency. We are excited to release our Fixed Fee bridging products to market because we think it will add genuine value to our borrowers by offering a clear and concise fee structure with no hidden surprises, all whilst reducing the processing time of loans.