Refurbishment Finance

For property owners, developers and investors that need to upgrade or develop existing properties refurbishment finance can provide the funding required.  It will work in a similar way to development funding but on a smaller scale.

Lenders will typically view refurbishments in one of two ways; light or heavy.

Light refurbishment is defined by the works being non-structural in nature and costing less than 15% of the current property value and not requiring Planning Permission.

Heavy refurbishment is defined by the works being completed costing more than 15% of the property value.  This is likely to be extensions, loft conversions, internal reconfigurations and change of use (single dwellings to flats when planning is in place) and alterations requiring Planning Permission.

Lenders will require details of the property, the alterations to be made, costings and the owners own financial input.  Typically, the advance would be in stages and in arrears depending on the amount required and available over terms usually of up to 18 months.

Whilst High Street Clearing Banks will lend on a property refurbishment they tend to be restrictive on what they will consider and the amount may be restrictively low.  Being independent, BlueStorm have access to the whole of the market with options from High Street Banks, to specialist lenders or even private investors to tailor a bespoke solution.

By following our proven procedure, we will be able to provide you with a comparison of the best rates, terms and loan size (loan to value) so you can make an informed decision that best matches your project finance needs whether you intend to let, sell-on or retain at the end of the day.

If you have a project in mind and would like to discuss your options then please get in touch by clicking here.

Your property may be at risk if you fail to keep up repayments on a mortgage or loan secured on it.