Unfinished new builds, repossession property, probate property and auction property is often unmortgageable due to the unfinished, tired or distressed state it often finds itself in.
This means no kitchen, no bathroom, poor or no decoration, no flooring or heating.
As long as the property is structurally sound, and no structural work is required, then Masthaven is happy to lend to around 60% of its current value.
This can be a massive help when a client has their mortgage application returned to them with 100% retention put on it by the mortgage company.
With income often difficult to prove for many property developers and Buy To Let investors, Masthaven always deducts interest and fees from the advance to negate the need for proof of income.
With rates for this type of project at 1.45% per month, we are currently the most competitive lender in the market place, and are happy to do these types of deals providing we get a clear and realistic schedule of works, and a positive valuation report.