Taking out a loan to perform a refurbishment is not uncommon. Property developers and construction workers rely on refurbishment loans so they can carry out different types of projects.
Refurbishment loans can be expensive depending on the type of work that needs to be carried out by property developers to make a property (whether it is residential or commercial) look up to the preferred standards.
Most developers may take out loans to purchase the land and build the home, but ensuring that the property is refurbished is also important for the developer and the potential buyer or renter.
Homes that are fully refurbished are more likely to have a positive impact on the viewer as they can see that a lot of hard work has been put into the project.
Regardless if a refurbishment loan is needed for a small or heavy project – any type of property developer can apply for one.
A short-term solution
Refurbishment loans are available on a short-term basis to provide enough money for the property to have all the decorations that they need so their property is up to the highest standard.
The loans are commonly provided to:
Refurbishment loans can also be used for any type of project whether it is a small or a large development project.
Hunter Finance is a company that specialises in providing refurbishment loans to developers with a passion for producing more properties. Unlike other banks and loans providers, they prioritise giving the loan to individuals with a strong drive and ambition for creating more commercial and residential properties.
Some of the developers that Hunter Finance provide refurbishment loans to use it for a variety of purposes:
- Changing it from a commercial property into a residential one
- Performing extensions to roofs, kitchens, bathrooms, basements and bedrooms
- Changing lighting fixtures, roofing and the interior of the property
Who is eligible?
Unlike the usual high-street banks who have specific criteria relating to who can get any loan that can be used for property development purposes.
There is a rise in alternative lenders that specialise in offering loans tailored towards developing different types of properties that prioritise property developers rather than homeowners looking to finance their mortgage.
The increase in alternative finance providers that have experience in the property development sector also ensures that those who are receiving a refurbishment loan are individuals who want to produce more commercial or residential properties.