CA’s heavy refurbishment finance is finance provided to assist property investors and developers who are looking to undertake a refurbishment project with build costs less than £500,000 before selling or re-financing.
We typically lend on residential projects which are being undertaken in London or the Home Counties. The following works are permitted under our heavy refurbishment product:
GDV stands for Gross Development Value. It is an estimate of the worth of the property once the project is completed. An independent valuer from CA’s panel will visit your site or property to discuss the project with you before writing a report.
CA has a bespoke product for Heavy Refurbishment:
If the cost of works is more than £500,000 or include a new build element, you should ask us about our other development finance products.
Up to 65% of the Gross Development Value (GDV). This will be comprised of 100% of the build costs and an interest provision for the term of the loan. An initial advance of up to 65% of the 180-day market value can be made on Day 1.
No, the loans we offer are only available to those who can demonstrate relevant property development experience.
First of all apply by calling us on 020 3857 6350 to speak to one of our lenders to discuss your requirements or email us on email@example.com . We will then ask you the following information:
If the requirement meets our lending criteria, we will start the loan process:
We will appoint a project surveyor to monitor the works. They will produce certificates against which we will release funds. The facility will also contain an allowance for these fees.
For more complex heavy refurbishment loans, we may need to commission a ‘pre-PMS (Project Monitoring Surveyor’s) report’. This is to satisfy us that the proposed build budget is sufficient to complete the development. If this report is required, the project monitoring surveyor will be instructed at the same time as we commission the valuation report. We will obtain quotes from our panel firms and will collect the fee from the applicant before confirming the instruction.
The build float is released as works progress. We will appoint a project surveyor to monitor the works. They will produce certificates against which we will release funds. The facility will contain an allowance for these fees.
We will be unable to lend if you or any of your family are to live in the property during the course of the loan or at any time in the future.
Repayment usually results from the sale or refinance of the property on completion of the works.