Many property investors have been struggling to find finance for properties in need of refurbishment. The majority of lenders will only release mortgage funds once a property is let and the few lenders that will take a view, do not cater for the larger projects or the more complex properties (HMO, Multi-unit Freeholds).

 

Some investors go down the Bridging Finance route although again struggle for options if the property is not a traditional house or flat. Short term lenders are often reluctant to lend if there is not a guaranteed option for longer term funding – especially if it is the intention to keep the property as an investment. Bridging lenders are also reluctant to lend to Limited Companies. Typical Bridging Finance costs are c1.5% per month, with entry and exit fees of 1.5% to 2% on average.

 

Some are forced to purchase and refurbish the property from savings or private funding and are told that they have to wait 6m before raising a mortgage.

 

Over the past few months, We have  been working on putting together a mortgage product which addresses the above issues. Details of this new product, available exclusively through our contacts are as follows:

 

• Initial loan up to 65% of purchase price or value (whichever is the lower)
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• Further funds retained and released post refurbishment up to 70% of end value
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• Interest Rate 5% above Base Rate with a 1% loading during the refurbishment phase
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• Lender Fee 2.5%
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• A Broker Fee will apply (typically 0.5%)
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• Available for Residential, Semi-Commercial and Commercial property

Contact me on 07966262898

 

Email me at info@barrydanser.com

 

Or just send your application  by clicking HERE

 

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