GB Bank has introduced an enhanced bridging refurbishment proposition, offering rates from 0.79% per month and funding for up to 100% of refurbishment costs.
The specialist lender is targeting property investors and developers undertaking light and medium refurbishment projects, with facilities designed to support improvements to residential and mixed-use properties.
The proposition covers work ranging from replacement kitchens, bathrooms, windows and heating systems to loft conversions, small extensions and other improvements that do not involve major structural alterations.
Funding can be released through staged drawdowns linked to project milestones, while borrowers can choose rolled-up interest arrangements to help manage cashflow during the works.
GB Bank said the changes followed demand from intermediaries and professional investors for finance that could accommodate different refurbishment requirements and project timescales.
REFURBISHMENT FUNDING OPTIONS
The bank’s standard bridging rates start at 0.69% per month, with refurbishment finance available from 0.79% per month.
Under the enhanced proposition, borrowers can access up to 100% of eligible refurbishment costs, subject to lending criteria. The facilities are intended for investors planning to sell, refinance or retain properties following completion of the works.
Asim Shirwani (pictured), head of bridging at GB Bank, says: “The refurbishment market continues to present significant opportunities for investors looking to add value to properties and improve housing stock across the UK.
“Our bridging refurbishment finance proposition has been designed to give brokers and their clients access to fast, flexible funding that supports both light and medium refurbishment projects.”
He adds: “Whether it’s a light refurbishment or a more ambitious project, GB Bank offers standard bridging rates from 0.69% per month and refurbishment rates from 0.79%, with funding available for up to 100% of refurbishment costs.
“It’s another way we’re helping borrowers bring projects to market with confidence, supported by the personal service and practical lending approach that sets GB Bank apart.”
The refurbishment facilities extend GB Bank’s existing specialist lending range, which includes bridging, bridge-to-term, buy-to-let and commercial finance.
The bank also provides bespoke funding for larger and more complex transactions, with a maximum loan size of £25 million.
The expanded offering gives brokers another option for clients undertaking property improvements, particularly where staged funding and the ability to roll up interest are important considerations.
