The loan has been specially created for those who need to purchase properties quickly, those buying at auction, developers who are purchasing under market value and those that are intending to do some light refurbishment.
This product is available at 0.6% per month for the first 3 months and reverts to 1.0% per month thereafter for a maximum term of 18 months. The provider is able to lend up to 75% of the open market value.
There is a 2.00% facility fee and there is a minimum loan of £250k with a maximum term of 18 months.
Julian Ingall, director, Coreco Specialist Finance, said: “We are delighted with this product as we believe it fills the gap that many investors and developers have been asking us for many months.
“This product ideally fits those light refurbishment projects that will be ‘turned’ in a few months or those investors wanting a short term facility before refinancing into long term buy-to-let products.”
