"Adding heavy refurbishment not only strengthens and enhances our current bridging offering, but it also complements what we already do across the wider HTB channels"
- Lorenzo Satchell, bridging sales director at HTB
Hampshire Trust Bank (HTB) has expanded its specialist property finance offering with the introduction of a new heavy refurbishment product.
With a rate of 0.90% per month and terms available up to 24 months, the Heavy Refurb product is designed to support larger, more complex projects. It offers day-one lending of up to 70% of the current property value, with a maximum loan-to-GDV ratio capped at 70%, including rolled interest. Loans start from a minimum of £150,000.
The cost of the works cannot exceed £1m, including any self-funded portions or contingencies, or 70% of the current value of the property, with all costings independently verified by asset managers. Funding is distributed in arrears across up to five pre-agreed tranches.
The bank recently introduced dual representation for bridging cases, offering brokers and borrowers a more streamlined process, alongside new business development executive roles designed to maintain high standards of service and provide a consistent point of contact for advisers.
Lorenzo Satchell, bridging sales director at HTB, said: “HTB has taken the time to listen to our key partners about what they need from lenders, and it’s clear there’s a strong demand for heavy refurbishment funding. Landlords are increasingly looking to extend properties to generate better yields or carry out conversions on properties with permitted development in place. However, they need agile, flexible funding to make these works a reality.
“Adding heavy refurbishment not only strengthens and enhances our current bridging offering, but it also complements what we already do across the wider HTB channels - whether it’s supporting exit strategies through our specialist mortgage team, or for those with a proven track record looking to take the next step in ground-up developments.
“HTB will continue to innovate and invest in order to deliver for brokers and borrowers—we set the bar when it comes to property finance.”
Alex Upton, managing director of specialist mortgages at HTB, added: “The launch of our Heavy Refurb product is a key part of HTB’s ongoing commitment to continually improving our bridging offering. This product not only expands our proposition but also reflects our dedication to providing brokers with flexible, adaptable solutions that fit even the most complex client requirements.
“Our goal is to ensure brokers always have the funding options they need, exactly when they need them. This commitment extends to providing direct access to decision-makers and supporting brokers throughout their journey with HTB.”
