If you are looking to finance a refurbishment project you might find it difficult through the traditional lending models. In some instances, especially if the property has no bathroom, kitchen, or requires other serious renovation work, the lender could raise the levels of mortgage retention, sometimes to 100% of the mortgage value.
In these cases it can be a difficult situation to be in, as you need to find the refurbishment finance somewhere to bridge the gap before acquiring the mortgage in full. Thatbs where bridging finance for property refurbishment projects comes into play. Many properties can be found to purchase at a real discount, because they need refurbishment, but the imbalance between this and the lack of foresight from some traditional lenders to finance these projects is a difficult position to be in for property investors.
Many buy-to-let projects are delayed because of situations such as this, including those individuals and companies that have a wide variety and large number of properties and transactions running at any given time. Delays in refurbishment can cost a lot of time and money when you need things to run smoothly the most.
At Central Mortgages we understand the necessity for fast, free flowing finance when you need that bridge between refurbishing a property and acquiring the mortgage in full. Give our team of experts a call today and webll be happy to talk through your project and work out exactly how much bridging finance is required for the refurbishment of your property.
Commentaires