REFURBISHMENT - CHANGE OF USE
WHAT IS A SHORT-TERM LOAN FOR REFURBISHMENT – CHANGE OF USE?
A Short-Term Loan for Refurbishment for Change of Usage is a temporary financing solution for renovating a property to change its purpose, such as converting a commercial space into a residential unit.
This loan supports the transformation process, covering costs like renovations, regulatory compliance, and potential income loss during refurbishment.
With a typical duration of one to three years, it offers quick access to funds for projects with a change of use objective. Interest rates may be higher, reflecting the short-term nature and potential complexities of altering the property’s purpose.
Auction Finance typically covers a significant portion of the purchase price and must be repaid through refinancing or selling the property, usually within 6 to 12 months. It’s a crucial tool for property investors in competitive auction environments.
Key Benefits
PURPOSE & USE
Funds early project assessments
Covers feasibility studies and surveys
Addresses pre-planning approval costs
FEATURES & BENEFITS
Short-term duration (months to a year)
Higher interest rates may apply
Bridge to long-term financing
CONSIDERATIONS & RISKS
Mitigates pre-development financial burden
Enables initial project groundwork
Transition to long-term financing after approvals
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WHY CHOOSE CLEVER COMMERCIAL?
Experienced. Trustworthy. Tailored.
For over 30 years, Clever Commercial has been a leader in bespoke property financing, offering competitive rates, flexible terms, and award-winning service. Your vision, our expertise—let’s make it happen.
We are more than mortgage brokers; we are committed partners in your journey. Our trust, expertise, and dedication set us apart.
FREQUENTLY ASKED QUESTIONS
What is a short-term loan for refurbishment – change of use?
It’s a temporary loan designed to renovate a property to change its purpose, such as converting a commercial space into residential units. It covers refurbishment costs and potential income loss during the transformation.
How does loan duration impact refurbishment projects?
Short-term loans for refurbishment typically have durations of one to three years. The timeframe is chosen to align with the project’s scope, providing quick access to funds for the necessary changes.
Can I use this loan for commercial to residential conversions?
Yes, these loans are suitable for changing the use of a property, including commercial to residential conversions. Funding can cover renovations, compliance with regulations, and any income loss during the transition.
Are interest rates higher for short-term refurbishment loans?
Yes, interest rates may be higher due to the short-term nature and potential complexities of refurbishing a property. The convenience and quick access to funds for the transformation are critical factors in the interest rate.
OUR CLIENTS THOUGHTS
RECENT TESTIMONIALS
Marc worked over many months to help me find the right financial product to suit my complicated refinancing project. Having identified the right product, Marc then worked for many more months to help me get the financing completed. I had so many issues that I had to face and at every obstacle Marc was on hand to help me to resolve it, and very often took it upon himself to do it for me. Marc went for beyond just brokering a good deal for me, he was my partner in making this happen. I could not have done this without his support. Thank you Marc for being so calm and patient and having faith when I had lost mine!
I. Knight
Marc has provided our company with excellent service and advice. He has vast experience and knowledge, and is able to advice on the most suitable lenders given our requirements.
Especially during the legal stage of the lending process, he facilitates and communicates with lenders in a way we would not be able to ourselves.
We would certainly not be where we are without his services. Highly recommended.
M. Dunn
The service provided for my bridging loan was second to none. The support I received was very professional and generous.
I would highly recommend Clever Commercial to everyone and anyone who needs a professional, caring and competitive rate for it’s loan or any kind of finance.
D. Dezfull
Marc has provided our company with excellent service and advice. He has vast experience and knowledge, and is able to advice on the most suitable lenders given our requirements. Especially during the legal stage of the lending process, he facilitates and communicates with lenders in a way we would not be able to ourselves. We would certainly not be where we are without his services. Highly recommended.
P. Strøm