The Refurbishment & Conversion 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.
At outset Paxton Private Finance can lend, net of all fees and interest charges over an initial maximum term of 6 months, 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 for this product is £1,000,000. Loans outside the normal parameters will also be considered.
David Kinane, Partner, comments:
“We are very excited at the launch of our Refurbishment & Conversion bridging product. As mainstream lenders endure renewed funding constraints, their appetite for this type of development project diminishes. We, however, are keen to support both developers and investment buyers alike and we believe this product provides an invaluable source of funding.
"We work enthusiastically with our clients and try to provide the most sensible solution to their funding requirements.”
