The Paxton Large Loan product is available to buyers as well as existing owners, from light refurbishment to heavy refurbishment and conversion. Typically, our clients will be adding value as works progress and, whilst our lending is based initially upon current open market value, further draw-downs can be made available if required, report Paxton Private Finance.
At outset Paxton Private Finance can offer a gross loan of up to 75% of the current open market value. The term may be extended or renewed subject to refurbishment progress. After the first month, interest is charged on a daily basis. Typically, no exit fee is charged. The maximum loan size for this product is £2,000,000. Loans outside the normal parameters will also be considered.
The Paxton Large Loan is the third Paxton product to be launched in 2012, along with the Refurbishment & Conversion First Charge, and All England Second Charge products.
David Kinane, Partner, said:
“Our continued core focus is to assist property developers with their buy-refurb-sell/refinance business model and we are confident that the Paxton Large Loan product, coupled with the Refurbishment & Conversion First Charge and the All England Second Charge products, provides a balanced approach to achieving our aims.”
