- 24th May 2022
- Posted by: DMM
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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.