We are able to fund the improvements and the conversion of the property in addition to bridging the original acquisition. The main objective of funding the refurbishment or conversion is to support property developers in creating and realising greater value on their property investments.
In the context of commercial projects in particular, any existing or future leases exchanged on the property is a relevant factor as is the borrower’s level of experience in renovating or converting properties of a similar size and complexity. A clear and viable exit is essential to determine at the outset and again this could be via a sale or refinance with another lender. See some recent case studies.
– Terms are available up to 12 months, though occasionally longer.
– Loan size between £25k and £3m.
– We usually look to a maximum outstanding loan and interest at 65% of the gross development value. Some flexibility can be provided on a case by case basis.
– We can roll up interest to the end of the term to facilitate cashflow.
– We require a first legal charge on the property.
– Clear exit plan to be determined at the outset.
– Transparency on all fees guaranteed.
– No early repayment fees.
– We provide unregulated bridging finance and so we are unable to arrange bridging on properties where the borrower or members of their immediate family intended to live in, now or in the future.
If you or your client has a refurbishment or conversion project which you would like to discuss, please get in touch using one of our forms below or otherwise contact us on 01942 295 982.