Super Heavy Refurb Finance
& Super Heavy, Super Stretch Refurb+Super heavy refurb, or as we call it: “Development Finance Light”, is refurbishment finance for property developers who have a site in need of significant development work and require short term funding.
Lending Criteria Overview
Loan Details
Loan terms from 3 months to 24 months.
Loans from £250k to £10m.
No ERCs, 1 to 3 months minimum interest.
No exit fee.
REFURBISHMENT FINANCE: Retained interest.
REFURB+ SUPER STRETCH: Rolled interest. Interest and any AM/QS fees can be added ‘on top’ of maximum LTV/LTGDV. Serviced interest subject to evidence of affordability.
Property Requirements
Properties in England and Wales. Residential and semi-commercial; if semi-commercial,
the residential element must be >50%.
Commercial to residential conversion permitted.
Refurbishment finance requires at least one original wall to remain standing throughout the construction process and into the finished property.
HEAVY REFURB: Up to £10m. Refurbishment budget or total build cost (inclusive of professional fees) is greater than or equal to 100% of OMV value, less than 50% of the GDV value, and/or involves more than a 25% expansion of the property.
MONITORING: We can accept Asset Manager reporting, on a case-by-case basis.
Borrower Details
Experienced developers = 3 similar schemes over the past 5 years
UK individual or LTD Co/LLP. Offshore LTD Co.
Borrowers with a good credit history, some adverse credit may be considered by referral.
3 year UK address history.
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How does ‘heavy refurbishment finance’ help brokers and their borrowers? Our team share their thoughts:
Fiona Collins, Office Manager and Credit Support, says: ‘’Our super heavy refurb product is parallel to a light development loan, the expansion allowance is greater than a standard refurb product and our eligibility criteria is superior to our competitors.’’
| % Day 1 Open Market Value/% of Gross Development Value | 70% OMV/ 65% LTGDV |
| SUPER HEAVY REFURB fixed monthly rates from | 1.13% |
| SUPER HEAVY REFURB+ super stretch, with rolled interest + AM/QS fees on top 70% OMV | 1.17% |
| % Day 1 Open Market Value/% of Gross Development Value | 70% OMV/ 65% LTGDV |
| SUPER HEAVY REFURB fixed monthly rates from | 1.13% |
| SUPER HEAVY REFURB+ super stretch, with rolled interest + AM/QS fees on top 70% OMV | 1.17% |
How to arrange your ‘Super heavy refurb’ loan
If you need more details about our heavy refurbishment finance, speak to our New Business Team today on 01202 112 900.
Heavy refurb loan to convert offices to residential in Dorset
