NEWS: Heavy refurb finance up to 90% gross LTV from £200k

12-January-2023 17:12
in Development
by Sam Hodgson
Heavy refurb finance up to 90 percent gross ltv

New refurbishment finance products from a reputable bank are now available, offering property developers light and heavy refurb loans at up to 90% gross LTV from £200k-£5m.

Can you get a 90% LTV refurbishment loan?

Usually, typical refurbishment finance (in one tranche, meaning your funds aren’t released in stages) caps at around 75% gross LTV.

But we’ve recently been able to raise funds for property developers at over 90% gross LTV for both light and heavy refurbishments, thanks to new products from within our network of lenders.

There are also no early repayment charges (ERCs), meaning you’re not locked into the full term (but a minimum of 3 months' interest will apply).

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What are the requirements for a 90% LTV refurb loan?

Here’s what you need to know about the lending criteria for this finance:

  • For light refurbishment loans: you’ll need to borrow at least £200k and a maximum of £5m to qualify for a LTV of 90%.

But, you can still get light refurb finance from £100k at a slightly lower LTV.

  • For heavy refurbishment loans: you’ll need to borrow at least £200k and a maximum of £5m to be eligible for the max LTV bridging loan.

Related: Use our refurbishment loan calculator to get an idea of your costs.

What’s the difference between net and gross LTV?

Your net LTV is the value of your loan as a percentage of your property value.

Your gross LTV is the value of your loan, including charges, as a percentage of your property value.

How can you get a 90% gross LTV refurbishment loan?

You’ll need to go through a broker to get this level of finance. Our brokers at Clifton Private Finance are experts in the field, and we can connect you to the right lender for your needs.

We can help determine the best solution for your project, no matter how simple or complex, and guide you through the process of securing suitable finance.

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What documents you’ll need to provide

You’ll need to provide the following documents and evidence to apply for this product:

  • ID for all borrowers
  • Proof of residency for all borrowers
  • Your schedule of works
  • Estimates and quotes of works if applicable
  • For loans over £5m, an Assets and Liabilities Statement

Case Study - Read our example case below, where we helped our client secure finance for a holiday let development project:

Get in touch…

Call us at Clifton Private Finance to find out what we can do for you:

0203 900 4322

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