Property Refurbishment Finance

Medium extent refurbishment products developed for clients purchasing property requiring more extensive refurbishment or renovation than light refurbishment products allow. Extent of work may include internal reconfiguration and conversion of single dwellings into multi-unit residential let property and HMOs. Refurbishments can include work under permitted development rights such as house extensions and loft conversions. Property conversions, where change of use is already granted, can also be accommodated by medium refurbishment. Planning consent should already be in place before financing. Work is generally limited to being of a non load-bearing nature but may include remedial work to floor structure, replacing doors and windows, and limited repairs to roofing. Cost of works can be as much of 30% of the day one value. Interest roll-up can also be arranged for periods of up to 6 months to assist cash flow during renovating period.

Heavy refurb finance is available for refurbishment projects incorporating more extensive work including structural alterations, extensions and internal reconfiguration. Works requiring building regulations approval can also be accommodated. Funding can also be provided for projects requiring planning consent and change of use, such as converting a single dwelling into several self-contained flats or multi-unit residential accommodation. Heavy refurbishment products are aimed at individuals experienced in refurbishment and similar property renovation projects. Total cost of works can be as much as 40% of the day one market value or purchase price. Interest can be rolled up for 6 months if required and option to exit to a term mortgage from 2-30 years.