Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
CHL Mortgages Launches Bridging Loans for Purchase and Refurbishment
CHL Mortgages has launched a new bridging proposition, offering both regulated and unregulated mortgages for purchase and refurbishment purposes. The products are initially being made available through selected mortgage clubs and packager panels, with plans for a wider rollout in the future.
The new range includes standard and light refurbishment loans, which can be used for scenarios such as chain-breaks, auctions, and renovation projects. In addition, CHL Mortgages is offering heavy refurbishment products designed for larger schemes that involve structural works.
According to CHL, this move allows the lender to provide solutions for a variety of property scenarios where short-term finance is required. The bridging products are intended to support property transactions and refurbishment projects, which may be relevant to letting agents and inventory clerks involved in managing or preparing properties for rental.
Source: Mortgage Strategy