Residential & Commercial Refurbishment Loans
Financing a Refurbishment Project will allow access of up to 70% x Site Purchase Cost plus 100% x Cost of Works
We arrange Refurbishment Loan Packages to fit a variety of projects where time is of the essence and fast access to funds is vital.
A refurbishment loan will fit projects that are:
- Planning Consent approved to adapt or utilize property for a new purpose, for example where the objective is to create affordable housing by repurposing abandoned commercial properties. We can provide fast access to short term funding that is designed to support feasible projects to acquire commercial property that has potential for residential-led redevelopment to contribute to a broader transformation of underutilised sites in our towns and cities.
- Properties bought at auction requiring radical overhaul.
- Buy to Let properties needing upgrade to improve rental yields.
- Properties bought under value to benefit from conversion.
- Rundown properties bought to refurbish/convert for sale or letting.
- Sub-£1,000,000 new build developments.
If you need to finance a quick turn project to add value within a specific timeframe for completion, we can offer you a refurbishment loan package that will get you the funds quickly.
We welcome all types of refurbishment proposals and consider each on its merits.
Key Features:
- Loans available to Ltd Companies, SME Businesses, Individuals.
- Residential properties in England, Wales, Scotland
- Commercial and Semi-Commercial properties
- Unfinished refurbishments
- Light – Medium refurbishments
- Heavy refurbishments (including structural conversion or extension work that may need planning or building reg. approval)
- Up to 70% site acquisition cost (100% with additional security)
- Up to 100% cost of works.
- Loans for Site Cost can be increased with additional collateral.
- Security: 1st or 2nd legal charge over the property.
- Rates of interest from 0.74% per month.
- Term up to 24 months.
- Staged drawdown. Interest rolled up or deducted at outset.
- The Borrower must show experience in refurbishments.
- Exit strategy to be defined pre-lending: sale or refinance into rental.
High spec. refurbishment increases the market value of a property, cuts down on long-term maintenance costs, and attracts higher quality tenants who tend to stay longer.
We have recent experience in funding scenarios of this type so that we can now offer “REFURBISHMENT BUY-TO-LET” a simple all in one package solution for landlords looking to refurbish their properties to maximise rental yields. Offering the best of both worlds – a “hybrid mortgage product” that delivers the same speed and flexibility as a bridging loan for the purchase and cost of works, whilst providing an exit strategy into a long term buy-to-let mortgage based on the after works valuation.
Contact us if you have a refurbishment project that requires funding.
Get in touch today!