23 Jul Refinance within the first 6 months?

We are repeatedly hearing from applicants that they cannot refinance their refurbishment projects until they have owned the property for 6 months.

Also that the maximum loan is then restricted dependent on how much they have spent on the property.

Both of these statements are not true and there are a number of specialist lenders who will allow you to refinance in the first 6 months and let you potentially borrow up to 75% of the full open market value meaning you can maximise your capital raise for your next project.

I want to highlight one exclusive product in particular;

75% Bridge then 75% Exit

The product allows you to borrow 75% against the purchase price of a refurbishment property, carry out the works then immediately release a full 75% Loan to Value against the open market value.

For example…

Purchase – £180,000

Refurbishment costs – £12,000 – non-structural works

Gross loan – £135,000 (75%)

Rates from 0.8% per month, 2% arrangement fee, 24 months maximum term with no exit fee

After works are completed a new valuation is carried out.

New valuation – £280,000

Market rent – £12,600 pa

New gross loan amount – £210,000 (75%)

Rates from 3.49%, interest only available up to 30 years

We are here to guide you through the constantly moving property finance market.

Please contact the team at info@aptusfinancial.co.uk or call 01727 634600