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.
Have a loan enquiry? We’d love to help!
Complete this quick online form to get started
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 | 1.15% |
| SUPER HEAVY REFURB+ super stretch, with rolled interest + AM/QS fees on top 70% OMV | 1.19% |
| % Day 1 Open Market Value/% of Gross Development Value | 70% OMV/ 65% LTGDV |
| SUPER HEAVY REFURB fixed monthly rates from | 1.15% |
| SUPER HEAVY REFURB+ super stretch, with rolled interest + AM/QS fees on top 70% OMV | 1.19% |
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.
