REFURBISHMENT FINANCE:
Property upgrade funding
Refurbishment finance is a type of short-term loan designed to help property owners, investors, and developers fund the renovation or refurbishment of a property. It can be used for a variety of purposes, such as:
Purchasing and renovating a property:
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This is a common use case for refurbishment finance, especially for property developers and investors who are looking to "flip" a property (i.e., buy it, renovate it, and then sell it for a profit).
Improving a buy-to-let property:
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Landlords can use refurbishment finance to upgrade their rental properties, which can help them attract better tenants and increase rental income.
Renovating a personal residence:
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Homeowners can use refurbishment finance to finance renovations on their own homes, such as adding an extension, converting a loft, or updating the kitchen or bathroom.
Refurbishment finance is typically secured against the property being renovated, and it is usually repaid within a short timeframe, such as 12 months. The interest rates on refurbishment finance can be higher than those on traditional mortgages, but they are often offset by the potential increase in the property's value. If you are considering taking out refurbishment finance, it is important to shop around and compare different lenders to find the best deal. You should also make sure that you have a realistic budget and a clear exit strategy for repaying the loan.​
Refurbishment Finance is not regulated by the Financial Conduct Authority
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