Suitable for investors and developers who require funding for works to be carried out within an existing structure or for extensions. Our heavy refurbishment bridge can be used when converting a commercial property into residential or converting a house into flats.
LOAN: £500k - £5m
LTV: Up to 70% net
LTC: Up to 85%
TERM: Up to 15 months
RATES: From 0.65% pm for self-funded & 0.75% pm for lender-funded
ARRANGEMENT FEE: 2% of Gross facility
EXIT FEE: 1%
VALUATION & LEGAL FEES: Market rate
Heavy Refurbishment Bridging is offered for residential properties that require some structural alterations or addition to the current footprint by way of side or rear extensions or loft conversions. The facility can also be used for converting large houses into flats or non-residential properties to residential provided relevant permissions are in place.
Other than side and rear extensions no significant ground up additions or changes to the overall covered area of the property are permitted. In addition to improvements permitted within our Refurb Light loans following works by qualified professionals may be permitted within our Heavy Refurb facilities subject to Planning Permission or Permitted Development Rights where applicable:
- Side and Rear Extensions
- Loft conversions
- Garage conversions
- Building conversions (including retail / office to residential) not exceeding 6 units