This is ideal for professional developers. You have the deposit, can cover the interest and fees, but could do with some help on the refurbishment costs. This product may be perfect for you.
A minimum loan size of £200,000 with a Day 1 loan of up to 75% LTV and a projected gross development value of 70%. You need a minimum of 20% profit on all costs.
Up to 100% of costs of works funded in arrears so you need working capital to cover the first 4-6 weeks of costs, the deposit and the fees.
Permitted uses for the product:
- PDR schemes
- Property conversion to residential / HMO
- Heavy property refurbishment and extension
- Finish and exit
It’s not for ground up development as we have other lenders for that. Legals and valuation at cost with no lender mark up.
Contact us now for a detailed quote.