REFURBISHMENT & CONVERSION FINANCE

Refurbishment finance tailored to your needs

Updating a residential or mixed-use property prior to rental can be time consuming and costly. At Black & White we understand this and have created a bespoke product that gives our clients the flexibility to carry out medium and heavy refurbishments and conversions, such as structural works or works requiring planning permission, without having to go through the more detailed requirements of a development. It’s where we bring our expertise to your projects.

Key rates & features:

MAXIMUM LOAN

£10,000,000

MINIMUM LOAN

£50,000

MAXIMUM LTV ON COMPLETION

65%

MAXIMUM LTGDV

65%

BUILD COSTS FUNDED

Up to 100%

ARRANGEMENT FEE

2%

BROKER COMMISSION

Negotiable

MONTHLY INTEREST

0.95% – 1.05%

INTEREST PAYMENT METHOD

Serviced, retained or rolled

EXIT FEE
Negotiable
MINIMUM TERM
3 Months
MAXIMUM TERM
18 Months
STAGE RELEASES
Milestones or Monitoring surveyor
STAGE RELEASE FEE
£225 per drawdown

Key Product Criteria*

PROPERTY

Residential or mixed-use with at least 50% residential

TENURE

Freehold or leasehold with more than 60 years left on the lease

TYPE OF CHARGE

First charge, second charges considered

PLANNING

Planning permission will need to be in place prior to works commencing

BUILDING CONTROL & WARRANTY

Stage release milestones are tied in with statutory and warranty inspections

WORKS

Modernising, structural alterations, extensions, residential-residential conversions, commercial-residential conversions

 

* Please refer to the criteria page for standard loan criteria for all products

Case Study

Conversion, Trowbridge

Our client needed a loan for build and finance costs to convert a Grade II listed building into 7 town houses: five x 3-bed and two x 4-bed. They also needed to redeem with an existing lender within a short timescale before costs began to ramp up. We had to act swiftly.

We provided a loan for £1,116,000 with an initial drawdown of £550,000 to redeem the loan with the existing lender in time. The LTV was 68% and interest at 0.95% was retained each month of the 12-month term.

Loan: £1,116,000
Value: £1,660,000
GDV: 68%
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