Mortgages for Business and Commercial

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property renovation loan

New Renovation mortgage - Self Build Finance - property refurbishment mortgage

Loans for Light Refurbishment - Self Builds - Property Refurbishment mortgage for small property developers and property investors

Introducing the Light Refurbishment Mortgage as an alternative to 'back to back' financing for profiting from Below market value (BMV) purchases and instant refinancing for release of equity based on true market value after purchase.

Ideal for Property renovators: Looking to purchase properties below market value for refurbishment or development for buy to let market or for resale profits. Cuts out the need and additional expense to Bridge and remortgage on 'bargain' properties you wish to buy cheap and renovate for profit.

Key Points: Refurbishment & Renovation Mortgage

Residential development financeSelf Cert Income -  No Proof of earned income required. This is suitable for employed and self employed applicants

Self Cert Renovation FinanceNo proof of rental income - Suitable for properties with low market rent, or otherwise non-rentable value properties, poor condition, distressed, defective propeties where other lenders will decline.

Mortgage for distressed propertyBorrow 85% of the purchase price - Property can be poor condition and not mortgagable condition for other lenders.

Mortgage for distressed propertyMaximum property loan size of up to £500,000 covers even the larger developments without needing specialist development or bridging finance.

cheap development financeInstant refinance draw down facility- Where the property is purchased below market value, the mortgage may be increased to 85% of the true market value

Renovate property for profitFinished Property refinance - Refinance to 80% of the finished value of the property to draw down further funds if required

property refurbishment LoansSell the property - Only 1.00% redemption penalty for early repayment of the mortgage if you wish to sell the completed property to realise full capital profits.

property refurbishment LoansUnlike development finance this mortgage needs No formal building estimates or QS, No architects drawings required.

Mortgage for property renovation
House renovation for profit

This new mortgage product allows purchasers to purchase distressed, below market value residential property for renovation and refurbishment project properties without needing specialist bridging finance or development funding.

property refurbishment finance
Kitchen of a new modernised flat in Leeds

If you are a self employed property investor looking to purchase a property that needs some improvement work, renovations, or updating. Finding the best financing deals may not be so easy now that lenders will no longer allow same-day refinance deals. We have the ideal solution to financing property renovation or conversion projects.

self build finance mortgage
Rebuilding a house after demolishing

General Application process:

Contact us to discuss your requirements or ask any questions on this mortgage - Call us on 0800 496 9595

Please supply us with a description of the property in its current condition and purchase price

Please supply a list of all works required or intended to be carried out along with costs and build works estimates

Give final value of the property (after refurb works value)

No Planning Permission needed

No architects drawings

No Formal building quotes or estimates

No QS or Building reports required

FAQ's: Questions and Answers about this mortgage

Refurbishment Finance Q&A  Benefits over Bridging Finance...

Q: I often use bridging finance for purchasing renovation project property, and then remortgage once the work has been completed. What advantages would this mortgage have over bridging in this situation? 

A: With bridging finance on a property needing renovations or improvements lending is typically limited to 65% to 70% of the market value therefore a greater sum is required for the deposit. Furthermore the interest charged on bridging would work out significantly more expensive. Another important consideration is that in today's 'credit crunch' market BTL lenders such as mortgage express have changed certain lending policies; they no longer allow capital raising remortgages inside of 6 months from the date of purchase. This means that the back to back 'no money down' bridge and refinance deals on BMV properties are not possible. Also with bridge and remortgage transactions you would have two sets of legal costs to pay as well as additional arrangement fees for the remortgage.

Renovation loan mortgage Q&A  Buying undermarket value...

Q: I want to buy a property that is in need of total refurbishment the property is hence under valued and will be worth considerably more once we have finished. Can I borrow a sum to cover the cost of the refurbishment works before the work has started or completed?

A: Yes it should be possible to borrow extra to cover the cost of your development or refurbishment works. Using the next day refinance draw down, additional money required to carry out the refurbishments could be added to the mortgage.

funding property auction discounts uk Q&A  Buying from auction...

Q: The property I am buying from a property auction is below market value only and does not actually require any work to be carried out on the property, but as it is would be worth much more on the open market going by similar properties in the are. Can I use this mortgage to purchase and then immediately refinance to get back my deposit, while I market the property to sell on?

A: Yes, providing the open market value of the property valued up then you would be able to take advantage of the draw down if needed, refinancing to 85% of the open market value. The early redemption penalty on the mortgage is just 1.00% that makes this ideal for this type of transaction.

Self Cert BTL 90% Refurbishment Q&A  No previous property development history...

Q: What type of information is required for obtaining the mortgage on a property to refurbish? I have some other BTL's but this would be my first renovation project so does the lender require previous property development history?

A: No, the lender would not need extensive background in property development to qualify for this mortgage, you would however need to supply a detailed list and costing on the proposed work you intend to carry on on the property along with any estimates from your chosen builder to carry out the work.

property conversion finance Q&A  Converting properties...

Q: I would like to buy a former hotel to convert into 5 residential flats, would this mortgage be suitable ?

A: Unfortunately this mortgage is for single residential dwellings only. Because the property you are buying is commercial, coupled with converting it to 5 flats, this mortgage would not be suitable. You would need property development finance to fund the purchase and fund the development costs. alternatively a bridging loan could be used to fund the purchase.

light development and refurbishment loan Q&A  How many properties...

Q: How many properties can I buy with this mortgage?

A: This is limited to one mortgage facility per applicant at any one time. However once the property is completed and either sold or refinanced to a BTL product, you may take out another light development mortgage for another property.

Self Build Finance mortgages Q&A  Demolish to rebuild...

Q: I want to buy a property with a view to demolish and rebuild as two houses. Could I use this mortgage to buy this property although I don't have planning consent yet?

A: Yes, that could be possible. Purchase the property as cheap as possible with this mortgage without any planning as a planning gain would drive the price up. Once you own the property you can make you planning application. Once planning has been approved you could refinance to borrow development costs based on the GDV.

Self Build Finance mortgages Q&A  Light Refurbishment vs Self Build Mortgage

Q: What is the difference between this mortgage and a self build type mortgage?

A: The Self Build type mortgages require full planning approval upon application. The refurbishment mortgage does not require any planning permission for the works you intend to carry out, also does not require architects drawing or ground reports.

 

Interested in finding out more about this unique property renovation mortgage, please contact us by telephoning 0800 496 9595 (Mortgagemakers Ltd)

 

Find discount property for renovation

A small flat refurbished inexpensive makeover

hot property financeFind profitable discounted properties in need of renovation in your area Find your ideal renovation property now. 

Sourcing discount and renovation properties from over 5,000 internet estate agents each day. Look through a fully-searchable database of over 20,000 renovation projects across the UK

HMO REFURBISHMENT MORTGAGES

Letting Property Refurbishment Mortgages. Buy to let  Home of Multiple Occupancy

Mortgage for purchase of BTL or HMO property in need of refurbishment prior to letting.

Have you been offered a distressed property?  High yeild Multi Let landlord opportunity inlcuding previous B&B, hotel, guest houses, hostels or large Victorian house? 

This new HMO or Multi Let mortgage allows the landlord or investor to purchase property like an old guesthouse with a mortgage and then refurbish. After refurbishment and improvements to the property have been carried out the lender can advance additional borrowing based on the new increased value of the improved property.

Borrow upto 85% of the purchase price/valuation for the unimproved property.  No rental assesment is needed to purchase the property.  Then carry out the refurbishments and improvements to the property to make suitable for letting within 3 months. With the property in renovated and improved letting condition the undoubtably the value of the property would have a significant increase in value. Reclaim your refurbishment expenditure and borrow additional funds with an advance of mortgage funds now upto 85% of the Improved property value subject to 125% rental cover assesment.

Recover Your costs of the refurbishment plus any additional capital required -Drawdown mortgage funds to 85% of the improved property value.

"This is ideal for Landlords and investors who want to purchase a property in need of refurbishment and modernisation and want to quickly recover their capital outlay"

  1. Purchase the property using this unique mortgage to borrow upto 85% LTV of its unimproved value
  2. Carry out your refurbishments, improvements, modernisations to the property for letting within 3 months
  3. Re-valuation of your improved letting property and borrow upto 85% of the Improved property value

"Now you can buy BTL and HMO property in need of renovations and still get 85% Mortgage to purchase"

This mortgage is Ideal for all landlords and BTL investors:

  • Renovations of existing multi let property to higher standard accomodation.
  • Properties without useable kitchens or bathroom or other general poor condition unsuitable for letting.
  • Conversion of one dwelling into more profitable multi letting HMO property.
  • Modernisation of property to current HMO letting regualtion standards.
  • Buying discounted property in need of renovation to convert into letting property.
  • Property developers and investors building a letting property portfolio.
  • Buying 'Bargain' property at auction in need of modernisation and conversion to multiple letting accommodation.

 

Futher Highlights:

  • Property does not need to be in lettable condition for completion of the mortgage / release of mortgage funds
  • Property purchase is not subject to initial rental assesment
  • Refurbishment works to be carried out within 3 months of completion
  • Refurbishment is limited to Improvement work that does not require structural alterations requiring planning permissions and or building regulation approval
  • Final rental assesment at 125% rent cover and final mortgage to 85% of the improved property value

 

Refurbishment property purchase mortgage. GET A FREE QUOTE >

Please complete the simple form below so we may quote the mortgage on the best terms and lowest market rates for you.

Fields marked (*) are required

Full Name:

Contact Phone:*

Email Address:*

Details about the property and mortgage required

Purchase Price of Property:
£

Mortgage Required for Purchase:
£

Anticipated Value of property after refurbishment:
£

Anticipated monthly rental income after refurbishment:
£

Estimated refurbishment expenditure:
£

Final Mortgage Required:
£  (Total mortgage required after refurbishment, upto 85% Final Value)

Give brief details of renovation / refurbishment works to be carried out :

After refurbishment / conversion works Please state:

Number of Letting Rooms / Bedrooms:

Number of Kitchens:

Number of Bathrooms:

Number of Communal Rooms (1 Min):

Other Questions / Details Please state here:

Our mortgage advisor will arrange your quote for this mortgage.

 
 

Yes To Commercial mortgages

YES: Up to 100% Lending
YES: Self-Cert up to £10m
YES: Commercial refinance
YES: Start up Business
YES: CCJs or Bad credit

YES: Competitive rates

Commercial mortgages

BTL & HMO Mortgages

Yes To Development Finance

YES: Up to 100% Funding
YES: Self Builds
YES: Land with no planning 
YES: Renovation loans
YES: Development loans 

YES: Commercial development

Business Funding

Yes To BTL & HMO Letting

YES: 90% LTV BTL
YES: Self Cert Income
YES: No rental asessment 
YES: No ERC's or HLC
YES: Portfolio refinance

YES: Low interest rates

BTL HMO Let Mortgage

Yes To Bridging Finance

YES: Up to 85% LTV OMV
YES: 100% Purchase price
YES: Funds in 10 days
YES: Development Finance
YES: No Hidden Charges

YES: Rates from 0.99%/mth

More info on Bridging Finance

Yes To Corporate Business Finance
Corporate Business Finance
Management Buy Out Financing
Asset Funding & Trade Finance
Factoring
Invoice Discounting

 

Accepted property types

Semi Commercial Property
Hotels & Hotel Redevelopment
Offices - Office Blocks
Retail Shops -W/wo Flats Above
High street Retail premises
Warehouses & Distribution centers
Take aways -W/Wo Flats Above
Buy-To-Let portfolios
Multiple Occupancy (HMO)
Bed and Breakfast Houses
Restaurants
Pub Leases & Freehold public houses
Veterinary Surgeries
Private healthcare Clinics
Nursing homes
Doctors & Dental Surgeries
Property Development Finance
Industrial Units
Factories & Production plant machinery
Farms & Agricultural Machinery
Franchising
Land with or without planning
Motor trade & Garage Forecourts
Leisure Premises - Health Clubs - Gyms
Site Redevelopment opportunity finance

 

 

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