Refurbishment Finance

Altun Finance Limited : Your Trusted Bridging Finance Broker for Refurbishment Loans

Unlock the potential of your property with our tailored refurbishment finance solutions from a trusted bridging finance broker.

When it comes to property refurbishments, Altun Finance Limited is here to assist you with our comprehensive range of Refurbishment Finance solutions. Whether you need a bridging loan to fund your renovation project or require expert advice on regulated bridging lenders, we have you covered.

Why Choose Refurbishment Finance?

Traditional mortgage lenders often require properties to be in good condition with all necessary amenities before approving a loan. However, if you’re looking to purchase or refinance a property in need of significant works, bridging finance is the ideal solution.

Types of Refurbishment Loans
Refurbishment loans are generally categorised into “Light Refurbishment” and “Heavy Refurbishment” based on the extent of works required.

Light Refurbishment

This type of project involves small improvements or cosmetic works to an existing structure. It could include upgrading the aesthetics or adding a new bathroom and kitchen.

Heavy Refurbishment

For projects that require structural changes, planning permission, or building regulations approval, heavy refurbishment is the way to go. This may involve extensions, loft conversions, or internal reconfigurations. If planning permission is necessary, it is considered heavy refurbishment.

How Refurbishment Finance Works

Altun Finance Limited can arrange a tailored facility that covers both the property purchase and refurbishment costs. The loan is typically split into two parts, allowing you to budget accordingly.

For example, let’s say you’ve bought a property for £300,000 at an auction. You plan to spend £30,000 on making improvements. The loan would work like this:

First Loan: 70% of what you paid for the property (£210,000)

Deposit: £90,000 (you need to pay this to cover the rest of the price)

While you are improving the property, the lender’s asset manager will check how you are doing. When they see that you have done £15,000 worth of improvements, the lender will give you back that money. This happens again for the next £15,000 stage of improvements.

Key Features of  Refurbishment Finance

  • Loan to Value: Enjoy up to 75% (or even 80%) Loan to Value towards the purchase, with 100% of costs covered in arrears, subject to 70% of the property’s finished value.
  • Competitive Rates: Benefit from competitive interest rates for major lenders.
  • Flexible Loan Terms:</b< Choose loan terms ranging from 1 month to 24 months.
  • Suitable for Various Projects: We offer loans starting from £50,000 and can accommodate projects up to £100 million.
  • No Exit Fees: Take advantage of options with no exit fees.
  • Customised Interest Options: Select from rolled-up, retained, or deducted interest options.
  • Staged Payments: We provide staged payment facilities for your convenience.

Refurbishment Finance Lending Criteria

At Altun Finance Limited, we cater to a wide range of applicants, including individuals, sole traders, partnerships, limited companies, LLPs, and SPVs. We offer both light and heavy refurbishment products, and our lending options include first and second-charge lending. Planning consent is required, and we consider it adverse credit if the exit strategy is through the sale of the property.

Information Required for Refurbishment Finance Application

To streamline the application process, we will need the following information:

  • Borrower’s details and company name (if applicable)
  • Property details
  • Borrower’s CVs or biographies, including any relevant experience
  • Schedule of works and associated costs
  • Details of proposed contractors or builders
  • Copy of planning consent, if applicable"

Partner with Altun Finance Limited for Refurbishment Finance

Altun Finance Limited is your reliable partner for expert refurbishment finance and bridging loans. We understand the complexities of property renovations and aim to provide you with the best financing solutions available. Our extensive network of regulated bridging lenders ensures competitive rates and tailored options to meet your specific needs.

Contact us today to help with your refurbishment project and maximise your returns.”