We’re here to help with everything from property purchasing and refurbishing costs to interest and fees. We can arrange loans from £350,000 to £3M for the improvement of existing buildings prior to lettings or resale.
Our Light Refurbishment Loan can be used on properties such as HMO’s, flats and student accommodation, can be a first or second charge, and provides up to 70% of the improved value and is advanced in three stages.
Our Heavy refurbishment Loan would be more suitable for structural reconfiguration and the extension of existing residential properties for which planning permission may be required. We fund the total development cost, including interest, and we agree at outset the amount of the purchase loan and the final release available on completion of the works.
3 - 24 Months
0.75% p.m. reducing to 0.65% p.m. on practical completion.
• Arrangement fee 2%
• Exit fee 1% (heavy refurbishment only)
• Light Refurbishment:
o Decoration, installation of new bathrooms, kitchens, staircases, heating, plumbing, electrical installation, roofing repairs etc. within an existing structure.
o Excluding structural reconfiguration and extension or any improvements for which planning permission is required.
o Cost of works cannot exceed 50% of the current value or £500,000
• Heavy Refurbishment (with supervision):
o As light refurbishment but including structural reconfiguration and extensions, including where planning permission is required.
o Cost of works can exceed 50% of the current value but not more than £1M
• Initial advance for purchase or refinance
• Further drawdowns to fund improvements
• Final advance on practical completion of the works up to maximum LTV
• Reduced interest rate following practical completion
• Option to extend loan or convert to a 3-5 year interest-only term loan following practical completion (not available for regulated loans)
• Improvement / Refurbishment / Extension
• Equity release
o Owner-occupied houses and flats
o Buy-to-let houses and flats let on assured shorthold tenancies
o Licenced HMO’s
o Residential investments
o Student accommodation
o Retail, industrial and office investments
o Owner-occupied, retail, industrial and office properties
• Individuals and Partnerships
• UK Limited Companies and Limited Liability Partnerships
• Off-shore borrowing entities in approved jurisdictions
• First or Second Mortgage over the Property
• Debenture (Limited Companies & LLPs only)
• Personal guarantee (Limited Companies & LLPs only)
• Farms, stables, kennels, equestrian centres and other agricultural holdings
• Non-conforming, remote or unusual properties
• Leaseholds less than 50 years
• Grade 1 listed buildings