Refurbishment Bridge in Yorkshire Case Study

The restoration of this Victorian building from commercial to residential is an illustration of refurbishment bridge funding in Yorkshire.  Our client required a refurbishment bridge loan to purchase a commercial property and achieve a change of use from commercial to a residential home.

Funding Headlines:

• Project Location:  Harrogate, Yorkshire
• Gross Facility:  Around £700,000
• Project GDV:  Around £1,000,000
• Funding Type: Refurbishment Bridge
• Purpose of Loan:  Acquisition and refurbishment
• Facility Period: 9 Months
• Exit Route:  Refinance

Bridging Finance Criteria

• Loan to Cost (LTC) – this can be as high as 80% in some cases
• Facilities from over £25,000 to more than £50 million
• Maximum term typically 36 months
• Geographical area – UK wide but each lender will have their own preferences
• Development types – Each lender will have their preferred development types, sometimes only residential
• Experience – Many lenders will want to see a proven track record but some will accept first-time developers

If any of the above terms are unfamiliar then you might like to read our article on finance jargon.

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