Impact Specialist Finance has launched a new light and heavy refurbishment bridging product available to a net 80% LTV.

This product is only available through a select group of distributors, which includes Impact Specialist Finance.

The product is designed for clients looking to update or renovate a property with a 0.85% rate, terms available between 6-12 months for light refurbishment and 9-18 months for heavy refurbishment, rolled up interest applies, plus no ERC (minimum interest three months) and the DIP decision is fully underwritten by an underwriter day one.

The product uses title insurance to speed up transactions. Pricing applies to loans between £200k – £5m, with loans over £5m subject to bespoke pricing, and are available for residential property only with a 2.25% arrangement fee.

Dale Jannels (pictured), managing director at Impact Specialist Finance, said: “With the proposed EPC changes on the horizon, along with increased pressures on yields, the demand from property investors to improve existing stock, plus refurb new acquisitions will remain high for the foreseeable future.

“These new options from Castle Trust Bank are a welcome addition to the market and we are delighted to be chosen as one of the distribution partners.”

Anna Lewis, commercial director at Castle Trust Bank, added: “We’re delighted to work with Impact Specialist Finance as one of our distribution partners for these semi-exclusive products, which build on some of the most popular parts of our proposition, by offering them at very special rates.

“Our Light Refurbishment product is available for works that fall under permitted development, works that require building regulation sign-off, Residential to HMO conversions up to six tenants, replacement windows, decoration, light central heating and electrical work, internal reconfiguration, full rewiring, and installation of new bathrooms and kitchens. While our Heavy Refurbishment product can be used where planning permission is necessary, although not on ground-up developments.

“Both products are supported by dedicated sales, underwriting and processing teams and net LTV calculations means that fees and interest can be added to the loan above the maximum 80% LTV, helping investors to increase their leverage in an environment where leverage isn’t easy to achieve.”