Refurbishment Bridging Loans
Property refurbishment bridging loans are a short term financing solution that landlords, homeowners, and property developers can use to refurbish, remodel, or add extensions to their properties before selling or letting them out. These loans are an option where you’re unable to remortgage the property or don’t have the time to wait while the bank considers it.
Renovating your property can significantly add to its value. The renovation can be as simple as redecorating, revamping your kitchen or bathroom, replacing a poorly installed or leaking roof, a complete, inside-out repaint, or adding a porch or deck. It can also mean more costly works, like adding rooms or even a conversion. Generally, a property refurbishment bridging loan can be used to fund improvement works on an existing property.
In all the instances where a property refurbishment bridging loan is approved, it is usually secured against the property itself. Where it’s an investment property you are refurbishing for the purpose of reselling it at a higher price, the sale would be the exit strategy. The proceeds from the sale, therefore, secures the loan.
As property refurbishment is an expensive undertaking that requires significant funding, the underwriting process for these loans is slightly more stringent than short term loans where loan amounts are considerably lower. However, the process still takes a lot faster than you would have to wait when you are borrowing from a bank.
To process your loan and determine your ability to repay it, you will need to provide information on your current financial obligations. We will also require information on your assets and liabilities. Specifically about the loan application, we will need full details on the nature of the renovation you wish to fund with the loan, including the specific works, a breakdown of their costs, and the timelines for the renovation.
Importantly, we will need an estimate of the property’s value after the renovation has been completed. It will also help your chances of the loan getting approved for the requested amount if you can prove you have experience with similar projects that you have successfully completed.
Unlock Funding To Refurbish Your Investment Property
Refurbishment bridging loans give you the liquidity to finance costly renovations without the need to wait the time it typically takes to get a bank loan for the same amount. These loans guarantee the flexibility to execute costly renovations quickly and with agility. They are a great option where an investment property you are buying need some improvements to unlock their true value. Apply for your property refurbishment bridging loan today.
Empathetic Customer Support
That the client is dealing with a difficult funding challenge is stressful enough. To then deal with detached and cold customer support isn’t the kind of experience we want for our clients. Our support staff is trained to be courteous, patient, and to always empathise with challenges our clients may be going through.
Our bridging finance solutions are no good if they can’t be adapted to customers’ realities. We take time to listen and never lecture clients, choosing instead to fully understand the client’s challenges before suggesting a bridging finance solution. We want to be able to respond to your needs flexibly and in a way that doesn’t place an even bigger financial burden on you.
We are not blind to the historical prejudices some sections of our population have suffered and how those have made regular loans incapable of meeting their funding needs. That is why we have purposely ignored some traditional lending norms and practices that only succeed in disadvantaging certain market groups.