Halfway through significant refurbishment works, it is common to need refinancing to complete the project. In some instances, a project could take longer than expected to complete. The scope of work might increase, or in our case study, part of the original loan a lender unexpectedly required repayment. Thus, working with an advisor who is solution-driven and agile can help get your loan to fruition as quickly as possible to mitigate further delays.
Our client previously appointed us to secure a loan to finance a significant refurbishment project on an unencumbered £10 million property. Our client had plans to
Here are a few of the challenges we faced when securing the loan:
- The borrowers were in their mid to late seventies;
- Repayment structure: our client wished to repay the loan in whole or part without receiving a penalty;
- The loan value was over 20 times higher than our client’s income;
While a typical lender may eschew refinancing, which involves refinancing a property for commercial investment, we contacted a lender who was comfortable with refinancing a commercial property. Thanks to the strong relationship, we were able to override hurdles that typically delay, which included not requiring any new legalities to be carried out and using the first round of evaluations. Speaking directly to a senior manager who sits on the credit committee, we could get support for the further advance imminently. The loan was agreed on at a variable rate across five years.
Our clients were delighted with the service they had received during the application and were very happy to continue working on their property refurbishment.
If you’re struggling to refinance your property refurbishment, talk to our experts who specialise in large and specialist finance. We have access to solutions you can’t find on the high street, and we take a bespoke and tailored approach to every client case.