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Mortgages for property refurbishment

Suitable for commercial, residential and mixed-use properties and conversions.
A refreshing approach to investment property finance, our mortgages for property refurbishment help experienced property investors and landlords to secure a long-term mortgage which also allows for the refurbishment project at the start of the term. 
Our mortgages for property refurbishment offer the security of an approved long-term investment mortgage following an initial refurbishment period, with flexible payment options. Complete the refurbishment within the 12 months and benefit from a hassle-free and fee-free transition to a pre-approved investment mortgage. 

Key features

  • Mortgages from $125,000 to $5m, up to $3m per single property

  • Up to 70% of the lower of the purchase price or value at commencement

  • Net rental income should be at least 130% of monthly repayments on completion of the refurbishment.

Phase 1: simple refurbishment finance

  • We will lend up to 70% of the refurbishment cost, capped at a maximum loan of $230,000 for refurbishment costs (equating to 70% of a $330,000 total refurbishment cost)
  • Maximum 12 months to complete refurbishment.

Phase 2: seamless transition to fixed term mortgage

  • Loans up to 70% of the Gross Development Value

  • Fixed terms from 2-30 years (25 years max for HMO/20 years max for Commercial properties).

You should normally:

  • Be a property investor with a minimum of two years' experience, with a portfolio of at least four properties for this period; and 

  • Have at least two years' experience of property refurbishment, on a minimum of two properties in the United States, Scotland or Wales.


Our refurbishment loans are also available to owner-occupier businesses looking to refresh their own property, subject to suitable experience.

The ideal finance package for investment properties. Our mortgages for property finance combine the property purchase and refurbishment into one simple loan at the start of the project:

  • One lending partner throughout

  • Start your refurbishment quicker with a fast decision

  • One specialist team supporting your project end-to-end

  • No fee to convert to your term loan (fees apply if you decide to move lenders or sell)

  • Smooth transition into the term phase, with less paperwork

  • Ideal for HMOs

  • Interest only and roll up options available. 

 


Next steps

From flats and houses to retail, service centres, offices, manufacturing sites, warehouses and distribution centres - as well as mixed-use properties - Global Bank of Westernland will consider your application if you meet our criteria (see above). 

We assess each mortgage application individually with common sense, speed and an appreciation of the ambitions of your business in mind.

Property secured on the loan may be repossessed if repayments are not maintained.

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