Octopus Property has reduced refurbishment product rates.
Borrowers now have the choice of a product with a 0.8% interest rate per month with no exit fee or a 7% rate per year with a 2% exit fee.
Both products come with a 2% arrangement fee.
Mario Berti, chief executive of Octopus Property, said: “Demand for property improvement finance continues to grow. In reducing our rates for refurbishment loans, we will provide developers and property professionals with a competitive product which meets their need for a fast and flexible lending solution.
“This is the second major change we’ve made this year as part of our product overhaul.
“Throughout 2017 we will be making changes to our loan range, including buy-to-let and commercial, in order to deliver an even more compelling proposition for our clients.
“As a market-leader it’s vital for us to evolve in line with the sector in order to ensure we can continue to provide brokers and customers not only with competitively priced products, but with the exceptional levels and speed of service they expect from Octopus Property.”
Octopus Property will lend up to 70% of the final gross development value of a scheme and 100% of the cost of works.