REFURBISHMENT & CONVERSION FINANCE

Refurbishment finance tailored to your needs

Updating a residential or mixed-use property prior to rental can be time consuming and costly. At Bath & West we understand this and have created a bespoke product that gives our clients the flexibility to carry out medium and heavy refurbishments and conversions, such as structural works or works requiring planning permission, without having to go through the more detailed requirements of a development. It’s where we bring our expertise to your projects.

“Works on a more major scale to allow the extension or conversion of residential property come with more issues than just a quick cosmetic makeover. We understand the nuances of such projects and our products are designed to assist the more seasoned property professional as they look to undertake more involved projects.”

Nick Lynch

Bath & West Finance
Senior Underwriter

Key rates & features:

MAXIMUM LOAN

£2,000,000

MINIMUM LOAN

£50,000

MAXIMUM LTV ON COMPLETION

65%

MAXIMUM LTGDV

70%

BUILD COSTS FUNDED

up to 100%

BUILD COST LIMIT

£200,000

COMMITMENT FEE

2%

BROKER COMMISSION

from 1%

MONTHLY INTEREST

from 0.95%

INTEREST PAYMENT METHOD

Serviced, retained or rolled-up

EXIT FEE
From 15 days interest
MINIMUM TERM
90 Days
MAXIMUM TERM
360 Days
STAGE RELEASES
Milestones or Monitoring surveyor
STAGE RELEASE FEE
£195 per drawdown

Key Product Criteria*

PROPERTY

Residential or mixed-use with at least 50% residential

TENURE

Freehold or leasehold with more than 60 years left on the lease

TYPE OF CHARGE

First charge, second charges considered

PLANNING

Planning permission will need to be in place prior to works commencing

BUILDING CONTROL & WARRANTY

Stage release milestones are tied in with statutory and warranty inspections

WORKS

Modernising, structural alterations, extensions, residential-residential conversions, commercial-residential conversions

 

* Please refer to the criteria page for standard loan criteria for all products

Case Study

Conversion, Trowbridge

Our client needed a loan for build and finance costs to convert a Grade II listed building into 7 town houses: five x 3-bed and two x 4-bed. They also needed to redeem with an existing lender within a short timescale before costs began to ramp up. We had to act swiftly.

We provided a loan for £1,116,000 with an initial drawdown of £550,000 to redeem the loan with the existing lender in time. The LTV was 68% and interest at 0.95% was retained each month of the 12-month term.

Loan: £1,116,000
Value: £1,660,000
GDV: 68%
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