Dragonfly Property Finance has changed its loan terms to allow 75% loan-to-value facilities for the first time.
The short- and medium-term loan specialist has overhauled its refurbishment products for the residential sector, increasing the loan-to-gross development value exposure from 70% to 75% LTV and creating a stretched senior product.
The company said this was done to allow landlords “even more flexibility” in the future.
The maximum refurbishment cost allowed in the terms is £750,000 or 50% of the property’s initial value, but a total loan size of £10m is available. The total loan-to-cost ratio has also been raised to 80%.
Mark Posniak, head of sales and marketing at Dragonfly, said: “Professional developers and landlords have always been integral to the Dragonfly proposition and, after discussions with brokers and clients, we have created a product that we believe provides them with considerably more flexibility and firepower. Our goal is to make ourselves the first port of call for the serious property professional and our refurbishment revamp will hopefully take us a step closer to achieving that.”
