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Posts Tagged 'Refurbishment'

Light Development Finance

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.

Refurbishment Lending for Costs

Criteria

  • Initial Loan 70% of the value
  • Refurbishment costs 100%
  • Gross facility up to 70% of end sales value
  • Loan size £250,000- £1.5m
  • Term – up to 18 months
  • Minimum value £300,000
  • Works must be lower of 50% of current value or £500,000
  • Experience essential

Suitable for

  • Extensions
  • Conversions
  • Planning
  • Permitted development
  • Heavy refurbishment
  • Structural works

Light Refurbishment Finance

Has your BTL mortgage been refused due to the condition of the property?

Improve the value and the rent on a tired property. Whether it be a new kitchen, bathroom, damp, electrics we have lenders for all of them at competitive rates up to 85% LTV with experience and 75% without.

Contact us for refurbishment finance options.

Refurbishment BTL products

Anytime I get asked for bridging I ask is there an alternative? If you don’t have to complete quickly and the property has a kitchen and bathroom there may be BTL refurbishment mortgages out there as an alternative.

It is provided in two amounts.  The lender will provide a loan of up to 80% of the lower of the purchase price or valuation. The valuer is provided with a detailed schedule of works and they provide an after works valuation along with a rental figure. The lender will base their end loan on the completed value and rent. The difference between the two is retained by the lender (retention).

The work is completed and the valuer does a re-inspection. If the after works valuation is confirmed then the retention is released to you.

If you are looking to convert a property into an HMO then with experience you have access to a specialist HMO refurbishment mortgage or you use cash or bridging finance.

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.