3 reasons to use a refurbishment finance specialist
Whatever type of properties you intend to renovate, it's important to find a reputable financial backer. A refurbishment finance specialist is the way forward
There are several ways you could choose to pay for your refurbishment, but using an independent refurbishment finance specialist is the most obvious. These companies are designed to loan money to refurbishment and conversion projects. There are many reasons to using this type of finance including the following:
Time saving
No doubt you are a busy person and will already have lots of pulls on your time.
The last thing you need is to spend precious time searching for a suitable lender
to finance your refurbishment project. If you've ever applied for a loan, you'll
be familiar with the mountain of paperwork you are required to complete during
the process. The lender takes the applicant's information, runs it through their
guidelines and formulas and after waiting many weeks, a decision is made to
either approve or deny the loan. If approved, the transaction can proceed. If
denied, the applicant has to begin the process all over again. By using a refurbishment
finance agency you will only have to fill out your loan application once. They
will then submit it to many different lenders on your behalf, all at the same
time, which greatly increases your chances of approval and saves you a considerable
amount of time.
Saves money
What a lot of people do not realise is that choosing a specialist in refurbishment
finance over a bank can actually save you money. A provider knows what each
lender looks for in an application and sends your application to those with
the best chances of approving your loan. This method is highly targeted and
brokers only get paid when they successfully match an applicant with a lender.
Best of all, the lender pays the broker's fees, not the applicant.
Bespoke service
You are likely to get a better deal with a refurbishment finance specialist
because they have access to a wide range of lenders all determined to get your
business. Brokers often get approval from multiple lenders which puts applicants
in a great position to bargain better loan terms. For this reason your loan
and any repayments can often be tailored to the scale and length of your project,
rather than imposing harsh conditions and time periods.
Abbots Finance is one of the fastest growing independent finance arrangers in the country. We can help arrange finance for any conversion of refurbishment project. Find out how we can help you by calling us now on 0870 2401957.