REIM Capital has launched a refurbishment product aimed at property investors seeking funding for light works on residential and semi-commercial assets.
The new facility is designed to fund both the purchase and refurbishment of properties, with the lender targeting cases where investors want to move quickly on opportunities including auction purchases and BRRR strategies.
REIM Capital said the product can be used for auction purchases, HMOs, standard residential properties and semi-commercial assets where the residential element accounts for more than 50% of the scheme.
Under the terms of the product, the cost of works must not exceed 25% of day one current market value.
Works can be undertaken up to permitted development, while lending is available up to 75% loan to value and 75% loan to gross development value, subject to the property and the borrower’s experience.
The minimum day one loan size is £150,000, with drawdowns available from £25,000.
The launch expands REIM Capital’s bridging range as lenders continue to target investors looking to improve assets and refinance or exit once works are complete.
Marcus Dussard (pictured), sales director at REIM Capital, says: “This is a really positive step forward as we continue to grow. Our focus is simple, giving brokers and clients the confidence that funding will be there when it matters, with the flexibility to support a wide range of opportunities.
“Refurb is where bridging really comes into its own, so this is a natural progression as we continue to build our presence in the market.”
