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What can this product do?
Our loans can support refurbishment work on any existing structure. It will allow for works to be completed, inclusive of structural changes and minor development, offering a real chance to get funding just when it is needed.
What can we offer?
We can lend up to 100% of the refurbishment costs with a day one advance of 75% (max LTV) for residential properties and 70% (max LTV ) for commercial properties. We can supply an AIP within an hour to get things started.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT REPAY YOUR LOAN
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Overview
- Interest Rate From 0.70% per Month
- Min - Max Loan £250,000 - £5,000,000
- Max loan to Value 75%
- LTGDV Up to 65%
- Term 3 to 18 Months
- Arrangement Fee Up to 2%
- Early Redemption Fee None
- Admin Fee Yes
- Exit Fee None
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Loan details
This calculation is for indicative purposes only. All our loans are subject to credit.
Loan overview details
- Current asset value £305,312.66
- Gross development value £3,312.66
- LTGDV 3,312.66%
- Interest payment type Serviced
- Term 12 months
- Loan interest rate 0.85% pcm
Loan outgoings
- Total facility amount £305,312.66
- Day 1 Gross loan £305,312.66
- Refurbishment loan £305,312.66
- Arrangement fee 56%
- Arrangement fee £3,053.13
- Administration fee £0.00
Additional costs
- Interest payable £1,350.00
- Total interest retained £630.00
- Monthly interest payment £750.00
Net facility amount
£300,000.00
Net Day 1 loan
£300,000.00
Net refurbishment loan
£300,000.00
Case studies
Refurbishment
Loan: £497,000
Chesham, Bucks HP5
Purchase of commercial unit at auction, with the benefit of planning to convert it into six residential flats and a retail unit."This was an auction purchase that was completed in three weeks. With the assistance of our valuer, QS and solicitor partners, we were all able to work closely together so that we could act quickly to ensure the deadline was met. " Amy Wareham, Underwriter
Term: 9
LTV 58%
Refurbishment
Loan: £458,500
Ipswich, Suffolk IP1
Lent against a Grade II building with planning for the conversion to four flats. The site already had a first charge held with another lender which our loan could refinance and provide further funds to complete the project."We met the client on site to discuss our clients long term plans. We always try to encourage doing this so that we can go through any concerns, and it also allows us to have first hand perspective on the site which is really important." ,
Term: 9
LTV 60%
Refurbishment
Loan: £363,140
Kilburn, London NW6
Client raised funds to purchase the security property, where we then funded £75k in drawdowns to refurbish it."This loan was for a direct client who is a career property developer, where our loan allowed for some ground up work, including a small extension as well as a complete refurbishment of the property. " Tom Tailby, Underwriter
Term: 9
LTV 65%
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