Are you looking to refurbish a property?
Refurbishment loans are a type of secured borrowing which are available for developers and landlords who are looking to improve a property before selling or renting it out.
With our partnerships with experienced brokers we can access lenders who can fund 75% NET towards the purchase price and up to 100% of the refurbishment build costs with additional security. This enables you, to free up your own cash towards the purchase. Once a property has been purchased, we can source you lenders who will fund up to 100% of the refurbishment costs in stages.
Frequently Asked Questions
Refurbishment loans are available to property investors, landlords and developers looking to upgrade a tired residential or mixed use property before renting it out. Refurbishments are much smaller projects than property developments.
Refurbishment loans have many useful applications some of which are shown below:
- Enhancing planning by adding additional units or modifying the existing planning permission
- Light and heavy refurbishment projects to add value to the property or to improve habitation.
- Converting a property for a different use such as converting a church to a house or a shop to a flat.
- Extending a home or completing a loft conversion.
- Permitted Development Rights schemes.
- converting a residential property to HMO and vice versa.
- Upgrading a propert purchased at auction.
Refurbishment finance usually starts at 75% of the property value post-refurbishment. Getting finance for anything higher than 75% can be difficult. Rates will usually start from around 5% but are higher for heavy refurbishments requirements. They’re usually short-term loans and are similar to bridging loans.
A refurbishment loan is a type of bridging loan – a short-term solution for borrowing potentially large sums of money. Given the short-term nature of the loan, it’s understood that you will repay it with the proceeds of the sale of the property. You are likely to receive the funds from a refurbishment loan in two instalments.
Property refurbishment is the chance to change and improve a property that you already own or a property that you are thinking of purchasing. This can be extending the property to a larger footprint, changing the purpose of the building, or refreshing an outdated look.
Application Process
Experience delivers. Our process is seamless throughout with a focus on specialist advice, flexibility and complete transparency. We’ll find you the right solution that is tailored to your refurbishment scheme whether you’re a first time developer or more experienced..
Refurbishment finance can be used for
How we support you?
Our knowledge of the lending market allied to our relationships with a wide variety of lenders means that our clients can save valuable time and effort in dealing with us rather than making multiple applications themselves.
Clients are kept up to date every step of the way as we aim to provide them with the best funding solutions as quickly as possible.