Heavy Refurbishment Finance
Finance For Heavy Refurbishment Investments
Suitable for more experienced property developers, heavy refurbishments are ideal for more involved renovations such as structural changes to a property. The definitions vary between lenders, but generally anything requiring a building permit is considered a heavy refurbishment. If your renovation does not require a permit, see light refurbishments.
When To Use Heavy Refurbishment Loans
Heavy Refurbishment loans are perfect for situations where you need funding fast for your development. They aren’t intended as a long term solution and are more suited to bridging the gap between the necessary works and you obtaining more long term financing (e.g. if you intend to rent out the property), or selling the property on.
Arrangements can be made so that funds are released incrementally as your build progresses, or all at once. Staged payments are the more popular option, as interest tends to only be paid on the amount of money currently lent out.
Fees will vary from product to product, but typically, the following costs will be incurred:
- Arrangement Fee – The initial cost to cover the administration of the loan. Typically they’ll be around 1-2% of the loan value.
- Valuation Fees – A surveyor will be instructed to visit and value the property. Typical costs would be around 0.25% of the loans value.
- Exit Fees – Certain loans will carry an exit fee, which are usually a percentage of the overall loan value.
Our advisers will walk you through the necessary details we need to fully understand your project. Once we know what you have and what you intend to do, we can provide you with quotes on the most suitable loans.
Why Use The Buy to Let Broker?
- No automated response – we’re human experts
- Unparalleled knowledge in the Brigding Finance.
- Unlimited access to top lenders.
- Our advice is based on true total cost including rate and all fees.
- Intricate knowledge of Bridging Finance criteria.
- Access to exclusive & semi-exclusive deals.
- Experience – it’s what we know and who we know.
- Access to decision makers – underwriters, credit managers & senior personnel.
- No credit checks needed to get your quote.
- Borrow more. Utilise your own personal income to push loan amount limits.
- Access to 4 major accountants and specialist conveyancing.
- Zero sales pressure, digest your quotes in your own time.
Get A Quote – Fast And Free
Don’t delay your decision, call us on 08009499410 or complete the form below and one of our expert brokers will be in touch to discuss all of your options. Our advice is totally free and there is absolutely no obligation.