Heavy Refurbishment Finance
Finance For Heavy Refurbishment Investments
Suitable for more experienced property developers and investors, 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 any necessary work 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 value of the loan.
- Exit Fees – Certain loans will carry an exit fee, which is usually a percentage of the overall loan value.
To make sure you get the most cost-effective deal, our advisers will discuss your full situation and see where we can save you more. After this quick phone chat, you’ll receive a 100% free no-obligation quote with all of our advice, so there is no risk in finding out how much you can save.
Why Use The Buy to Let Broker?
When it comes to property finance there are a ton of reasons why using a trusted broker like us can be a lifesaver. Our advisors always go beyond the call of duty to make sure that you get the right deal quicker and easier. But there is more, here are some other benefits of picking up the phone to us today:
- No automated responses – we’re human experts and you deserve more than a simple comparison.
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