Refinancing Major Refurbishment Works for £10 million Property

Image of refinancing major refurbishment largemortgageloans.com.

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.

Case profile

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 turn the basement into a self-contained commercial buy-to-let property. However, eight months later, our client returned to us to see if we could help them refinance part of the project due to a previous investor requiring a premature repayment due to financial pressures caused by Covid. For our clients to proceed with the project, we needed to ensure they could release the funds within three weeks.

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;

Solution

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.

Return to Our Case Studies

Our insights


We are the UK’s leading specialist in delivering innovative and bespoke financing solutions to global clients.

Reviews


Specialists in creating innovative and bespoke funding solutions.

Your home or property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Changes in the exchange rate may increase the sterling equivalent of your debt. You may have to pay an early repayment charge to your existing lender if you remortgage. Think carefully before securing any other debts against your home.  

largemortgageloans.com is a trading name of Largemortgageloans.com Ltd, Aegon House, Ground Floor Suite, 13 Lanark Square, London, E14 9QD authorised and regulated by the Financial Conduct Authority (FCA). Our FCA registration number is 302228 and can be viewed by visiting the FCA website: www.fca.org.uk.  The FCA does not regulate tax advice or some aspects of commercial, buy to let, overseas mortgages, bridging finance, finance and asset lending.  

Largemortgageloans.com Limited is registered with the Guernsey Financial Services Commission, reference number: 2269418, as a Non-Regulated Financial Services Business.  

Largemortgageloans.com Ltd Registered in England and Wales No: 5070990 Registered Address: As above. The guidance and advice contained within the website are subject to the UK regulatory regime and is primarily targeted at UK customers. Calls may be recorded for training and monitoring.