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Buy to Let Light Refurbishment Finance up to 80% LTV

Refurbishment Finance is not for everyone as there is strict criteria but it does show there can be an alternative to bridging.

For a property that requires a level of light refurbishment which doesn’t involve any structural work or change in planning then it’s a very cost effective way of adding a property to your portfolio.

You have to be an existing property owner and with some lenders a landlord. The initial loan is based on the lower of the valuation or purchase price. The valuer also estimates a valuation and rent figure after the work has been completed and the final loan is based on these figures. The difference between the two loans is retained by the lender until the work has been satisfactory completed.

You do the work normally within three months and you need savings to cover the mortgage payments for that period. Once the work is finished the valuer reinspects and if all OK the retention is released.

The minimum property valuation is £100,000 and as with all lenders you need to be in receipt of income that is provable.

If you need to complete quickly or you need help with the refurbishment costs then bridging finance may be the answer.

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Searchlight Finance Limited is registered in England and Wales No.07929050 Searchlight Finance Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (http://www.fca.org.uk/register) under reference 743220. The FCA do not regulate Business Buy to Let Mortgages or most Commercial Mortgages and Bridging Finance. ICO Number Z3109319. Your property may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.

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