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Residential Refurbishment Finance |
Residential Refurbishment Finance provides a short-term facility for purchase and refurbishment, which is repaid once the project has been completed.
Great British Finance can sometimes arrange up to 100 per cent of the funds on the basis of the projected end value being achieved and the quality of the development proposed by the customer. Once the property has been completed our clients either refinance with another lender or sell the property on the open market for a profit. Any type of residential property can be funded ranging from small, terraced houses to large, period property, including houses of multiple occupancy and student accommodation.
Example of residential refurbishment finance:-
A client has an opportunity to purchase a terraced property requiring cosmetic improvement:
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Purchase Price |
£50,000 |
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Refurbishment Costs |
£10,000 |
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Projected End valuation |
£85,000 |
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Estimated profit |
£25,000 |
The client has a contribution of £10,000,which will cover the refurbishment costs, but requires 100% of the purchase price in order to realise the profit from the deal. The client also needs to purchase the property within 14 days. Their bank is unable to assist at this level and is unable to meet the timescale.
Solution - We arrange to provide the client with a short-term loan for 100% of the purchase price while the improvements are undertaken. The loan is then refinanced with the bank on completion of the refurbishment work.
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Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There will be a fee for mortgage advice the precise amount will depend upon your circumstances but we estimate that it will be 1% of the loan amount (minimum fee of £295). The overall cost for comparison is 5.6% APR, the actual rate available will depend upon your circumstances.
Residential refurbishment finance is just one area within the realm of property development finance, if you would like to see the full range of development finance options click here to go to the dedicated website.
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Great British Finance Limited are authorised and regulated by the Financial Services Authority
(FSA). The FSA does not regulate some forms of Mortgage, Inheritance Tax Planning, Credit
Cards, Personal Loans, Deposit Accounts & Insurance. If you are submitting an online request,
we would advise to read our KeyFacts statement, links are at the top of this page.
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