Crystal Specialist Finance (CSF) has joined up with Shawbrook Bank to launch the lender’s semi-exclusive Refurb-to-Let light refurbishment loan product.

Rates start at 0.43% pcm with a maximum loan-to-value of 85%, of which up to 10% can be used for light refurbishment – with the overall figure not exceeding 70% of Gross Development Value (GDV).

Short term loans are available from one to 24 months from £50k up to £15m, with no minimum interest or Early Repayment Charges (ERCs).

Example scenarios include the quick purchase or refinance of a residential or commercial property including those sold at auction and refurbishing a property to then let or sell, which for example may require new kitchens or bathrooms.

Other examples include converting single dwellings to small, simple HMOs where only light works are required, or a specialist client buying a property with a known issue with the intention to remedy the issue and then rent or sell.

Jo Breeden (pictured), managing director at CSF, said: “It is imperative we create products to meet demand from investors who are changing from standard buy-to-let investment to the high capital growth refurbishment market, and Shawbrook has delivered a truly innovative solution.”

Gavin Seaholme, head of sales for Shawbrook Commercial Mortgages, added: “We are delighted to work with Crystal on this initiative and have every confidence that this will be a popular addition to help support our brokers and their clients. This product addition fills a specific need for investors and landlords and its early popularity has demonstrated this.

“Crystal are one of the most professional and expert brokers on our panel and their deep understanding of the market, coupled with this latest product innovation, will help ensure a positive experience for their clients looking to take advantage of additional refurbishment support across their short term projects.”