Tips on finding
and securing refurbishment finance
If you are
looking for refurbishment finance it's important to find a reputable financial
backer
If you're new
to the business of refurbishing and converting properties, finding finance can
be a daunting business. From banks to independent refurbishment finance specialists,
they are lots of companies promising to be able to help you. When it comes down
to it, however, how many of them will really be able to offer you a deal that
is individually tailored to your needs? Here are a few handy tips to help you
find and secure refurbishment finance:
- Use the
internet - Lots of people turn to the internet when they want to find
out about products and services. Whilst it's useful to have a list of names,
you should also make sure you check the credentials of each company before
you commit to anything. Email or call them with some salient questions.
- Referrals
- If finance companies provide a high standard of service to their clients
and consistently find the best refurbishment finance deals for their needs,
word will spread. Ask friends and acquaintances for recommendations.
- Financial
press - It's a good idea to keep an eye on the trade and financial press,
since refurbishment finance specialists will advertise their services on a
regular basis.
- Authenticity
- Make sure that whichever company you choose it is FSA approved or has
some other valid certification. You don't want to find out too far down the
line that your financial backer is not legitimate.
- Relationship
- It's important to foster a good relationship with your finance provider,
as this can pay huge dividends in the long run. Both you and they need to
feel comfortable with the financial arrangements for it to work.
- Speed of
service - Make sure your lender will assess and approve your loan quickly,
so you are not left in the dark about your investment future.
- Provide
information - Be prepared to provide information about your loan request
and investment. The lender will obviously need to know how much money you
want to borrow and see evidence of your plan to repay the loan. For this reason
it is vital that you have prepared a detailed budget and that you show a forecast
return on your and their investment.
- Sales -
If you are undertaking a conversion or refurbishment for commercial purposes
and you are planning to sell the whole development to an institutional or
long-term investor, you should make this clear to your finance provider. This
type of guarantee can encourage providers to lend you a greater percentage
of the total cost.
Abbots Finance
specialises in arranging refurbishment finance. Find out how we can help you
by calling us now on 0870 2401957.
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