What are – REFURBISHMENT BRIDGING LOANS?
1 – Refurbishment bridging loans are a short term secured Bridging loan to assist your purchase
2 – A funder can offer you up to 75% gross loan towards your residential purchase and 70% gross loan for a commercial.
3 – You can also add another property that can be used as extra security and allow you 100% towards the purchase price.
4 – The funder can assist you with 100% of the refurbishment works on both residential and commercial properties
5 – The maximum LTGDV = loan to the gross development value will be 75% simply meaning the total loan cannot exceed this percentage of lending.
6 – Client will provide a cost appraisal as to the breakdown of the project and a monthly cash flow.
7 – Should this be the first refurbishment you are tackling and you are not in the building industry then, your chosen building company will have a contract with you and the funder will require a list of the builder previous projects and insurance cover to confirm they have enough experience to undertake the project.
Ask for Mark when calling