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Commercial Finance

What you need to know about refurbishment finance

We've launched a new short-term loan designed to support investors and portfolio landlords buying properties in need of refurbishment.

The refurbishment bridging loan offers investors the opportunity to release equity on completion of a renovation project, generating cash flow so that they can buy their next property.

Here are a few of the most common questions answered:

Can the investor borrow to fund the refurbishment?

No, when they apply for bridging finance we will review the application in line with our underwriting criteria and based on the existing value of the property. The investor can then carry out their planned refurbishment before applying for a further advance to cover those costs, based on a new valuation.

How will it help with cash flow?

For an investor or portfolio landlord, the refurbishment bridging loan can free up cash to invest in their next property, before the sale or tenanting of the renovated property.

Can the investor apply for refurbishment finance on a property they already have?

The refurbishment bridging loan is only available for the purchase of a new property, with the opportunity to obtain a further advance that will cover the renovation costs, depending on the increase in value. However, we may have other suitable products for customers wishing to refurbish an existing property.

How long do they have to refurbish the property?

They must carry out the refurbishment within five months. The property will then be valued again within six months, before our underwriting team review the application for the further advance.

Is the refurbishment bridging loan only for residential property?

Yes, the refurbishment bridging loan is for property investors and landlords purchasing residential property. That includes houses, flats and large rental houses (HMOs) as well as non-standard properties such as high-rise apartments and ex-council properties.

When will the property be valued?

The property will be valued at the initial application stage and then when the investor applies for the further advance, which must be within six months of the initial loan agreement.

Is there a maximum amount an investor can spend on their refurbishment?

If their application is successful, then subject to the valuation we will provide additional funding of up to either 100% of the refurbishment costs or up to 70% of the new value of the property, whichever is the lowest.

What if planning permission is needed?

This product is not available if the proposed renovation requires planning permission or structural work. This is for light renovation only, although that can include properties that may be deemed ‘uninhabitable’ by mainstream lenders if they require a new kitchen or bathroom, for example.

Find out more about development finance here.