Specialist lender TAB has launched a refurbishment loan to speed through “projects quickly and without the cost of a full development loan”.

The bridging loan and development finance firm says the product is available directly to borrowers or through intermediaries for refurbishment projects, with a day one loan to value of up to 70% and a loan to gross development value of up to 65%. Rates start at 0.75% per month.

Its refurbishment loans, for light and heavy work, begin at £100,000 and rise to £1m for up to 18 months.

TAB head of development finance and chief investment officer Eli Korman says: “Not all developments need to fall into the bracket of a development facility and as we grow our development loan book at TAB, we have become more aware that an advanced bridging facility rather than a full development loan will suit our borrower’s needs. 

“This product will suit those developers looking for a swift process where they have the ability to borrow the funds they need through the drawdown process with the affordability of a bridging loan.”