Property refurbishment finance is a type of short-term loan designed for property professionals (investors, developers and landlords) who are looking to refurbish a property and increase its value before selling it on or renting it out. This type of finance is usually used to improve or upgrade residential properties, but we will also consider commercial assets as security.
BFS are happy to fund light refurbishments, where no planning permission is required, and the general use and nature of the property are unaltered. Works of this nature will include new bathrooms, kitchens, decorating, electrical work and new windows. We are also happy to fund heavy refurbishments, where the works change the nature or use of the property and will require planning permission and will need to strictly adhere to building regulations.
How does it work?
We specialise in lending against properties requiring refurbishment works and with additional security, we can provide up to 100% of funds required. We have many clients who will transact multiple transactions of this nature each year and the speed with which we are able to arrange facilities often ensures that properties can be purchased at genuine discounts. The full amount of the loan can be released at the start of the project or alternatively via staged payments as you reach specifically agreed points during the refurbishment.