Following new bridging lender Vitvo’s launch, Vitvo have today significantly broadened their product offering following a successful launch phase. Previously the lender had been able to lend up to 60% LTV on standard bridging and light refurbishment. Vitvo will now be able to offer higher LTV’s for standard bridging and light refurbishment deals in addition to now being able to cater to heavy refurbishment projects.
Key features of the new products:
- First charge standard bridging and light refurbishment, from 0.70%pm up to 70% LTV
- First charge heavy refurbishment, from 0.75%pm up to 70% LTV
- Second charge standard bridging and light refurbishment, from 0.85%pm up to 60% LTV
- Second charge heavy refurbishment from 0.85%pm up to 60% LTV
Vitvo’s new heavy refurbishment product will allow them to lend on existing property with permitted development rights or planning permission to convert to residential.
Announcing the new criteria, CEO Ian Wilson, pictured, said:
“Institutional investors have been reassuringly supportive in our efforts to grow our product offering. We look forward to growing our appeal across the broker community and developing meaningful long-term relationships based on professionalism, speed of execution and trust”. The new offering will further bolster the lender’s efforts to meet its target of £50m of business in its first year.
Satch Patel, Head of Business Development added:
“So far in our journey brokers have been hugely impressed with our speed and service, but they have been wanting to put more cases to us that have been outside our criteria. Well, we have listened, and we are very excited about delivering even further for our brokers.”