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:
£2,000,000
£50,000
65%
70%
up to 100%
£200,000
2%
from 1%
from 0.95%
Serviced, retained or rolled-up
90 Days
360 Days
Milestones or Monitoring surveyor
£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.
Value: £1,660,000
GDV: 68%