Quick answer
Bridging lenders have been competing hard on refurbishment in October 2026. Aspen launched an 85% loan to value day one refurbishment bridge at 0.79% a month and cut its residential bridging rate to 0.69%. GB Bank refreshed its refurbishment range with rates from 0.79% and up to 100% of works funded, subject to criteria. Hope Capital launched Max GDV, lending up to 70% of the value after works from day one. Albatross simplified its refurbishment range into eight products from 0.75% a month, and Pivot cut its rates by two percentage points after a management buyout. Headline rates are only part of the cost, so compare fees, leverage and terms on your own deal.
Who launched what
- Aspen (13 October): an 85% LTV day one refurbishment bridge, including heavy works, with drawdowns up to 75% of gross development value, priced at 0.79% a month, or 0.84% on its no-valuation basis. Residential bridging at 70% LTV was cut by 0.60 percentage points to 0.69% a month, and five-year bridge-to-let term rates were cut to 6.79% a year. Source: Bridging & Commercial.
- GB Bank (8 October): refurbishment rates from 0.79% a month and standard bridging from 0.69%, with up to 100% of refurbishment costs funded subject to criteria, staged drawdowns and rolled-up interest. It covers cosmetic work and larger jobs such as loft conversions and small extensions without major structural change. Source: Mortgage Solutions.
- Hope Capital (7 October): Max GDV, a residential bridge lending up to 70% of the expected value after works, at a rate of 0.87%, with all funds released on day one. It is for purchases, refinances, capital raising and cosmetic light works, with dual legal representation and no exit fees. Source: Mortgage Solutions.
- Albatross (13 October): a simplified range of eight refurbishment products, from 0.75% a month, for loans of £100,000 to £10m, covering light and heavy refurbishment, development exit and finish and exit.
- Pivot (15 October): rates cut by two percentage points after a management buyout, with bridging and development finance from 6% a year above Bank Rate, for loans of £2m to £15m over up to three years. Source: Bridging & Commercial.
The trend: more money up front for refurbishment
The common thread is leverage on refurbishment. Several products lend against the value after works, or fund more of the works, so less of your own cash is tied up. Aspen's 85% day one LTV and Hope Capital's day one release of up to 70% of the finished value are both aimed at investors who want more of the money at the start.
Refurbishment is a growing part of the market. In the latest Bridging Trends figures, covered in our Q2 bridging report, heavy refurbishment rose from 6% to 10% of bridging loans. With house prices flat, as our house prices report shows, the profit on a refurbishment has to come from the work itself, so cheaper money and higher leverage help.
Light or heavy: which product fits
Lenders split refurbishment by how much structural work is involved, and the line differs between lenders. Albatross, for example, caps its light refurbishment product at works worth 20% of the property's current value, and puts structural works, change of use and HMO conversions in its heavy product.
- Cosmetic work such as kitchens, bathrooms and decoration: light refurbishment finance or a fix and flip loan.
- Structural work, extensions or a change of use: heavy refurbishment finance.
- Keeping the property to let: a bridge-to-let agrees the term loan at the start.
- Finished or stalled schemes: development exit and finish and exit finance.
Our guide to light vs heavy refurbishment explains the difference in detail.
How to compare the new deals
- Look past the headline rate. Arrangement, valuation, legal and exit fees can outweigh a small rate difference on a short loan. See bridging loan interest rates.
- Check how the works are funded. Day one release and staged drawdowns change how much interest you pay and how much cash you need.
- Know the leverage measure. A loan against the value after works is not the same as one against today's value. Our guide to LTV and LTGDV explains the difference.
- Check the criteria fit. Experience, property type, location and loan size all affect which lender will say yes. Read choosing a bridging lender.
Several of these lenders, including Aspen, Hope Capital and Pivot, have reviews on our site. Products and rates change often and depend on each lender's own checks, so treat them as a guide. Instant Quotes shows which lenders on our panel fit your project today.
Common questions
What is a day one refurbishment bridge?
A bridge that releases a higher share of the money at completion, rather than holding it back until works are done, so less of your own cash is needed up front.
What is lending against GDV on a refurbishment?
The lender sizes the loan on the expected value after the works, the gross development value, rather than only on the value today.
Are bridging rates falling in October 2026?
Several lenders cut rates or launched cheaper refurbishment products this month, including Aspen, GB Bank and Pivot. Pricing still depends on the deal and the lender's own checks.
How do I know if my project is light or heavy refurbishment?
Cosmetic work is usually light. Structural changes, extensions, change of use and HMO conversions are usually heavy. Each lender draws the line slightly differently.
This article reports news and published figures as at 16 October 2026. It is for general information only and is not legal, tax or financial advice. Bridge & Build Finance is a commercial finance brokerage service, not a lender. Finance is subject to status, lender criteria, valuation, underwriting and approval.
