The lender says it follows huge demand from brokers and clients for this type of finance.

The loans are available from £150,000 upwards, for up to 24 months and at a rate of 0.9% per month.

Lending is available from day one, up to 70% of the current property value.

The Heavy Refurb product is designed to support larger, more complex projects but cost of works cannot exceed £1m, including any funding from other sources.

Loans will be released in arrears and spread out across up to five pre-agreed tranches.

Sales director for bridging Lorenzo Satchell says: “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.”