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This type of project refurbishment finance is usually the right type of loan to use. However, if the project is larger than normal, development financing may be a better option.
This loan is used to finance a development project that is not yet sold. This loan can also be used by developers to provide some breathing room to finish minor repairs and to find buyers.
Refurbishment loans are a form of bridging financing that is generally used to fund property renovations. You can use it for many improvements, including a new roof or general structural changes, as well as building an extension, refurbishment and decoration.
This type of project refurbishment finance is usually the right type of loan to use. However, if the project is larger than normal, development financing may be a better option.
When the project is completed and all properties have been sold, the total loan amount is fully paid using the profits.
Developers or property investors may be looking to purchase property that needs work or development but cannot get financing from their bank. A bridging loan can be a viable alternative in this situation.
Development finance loans are almost always required for new builds. Developers may be able to use development exit financing as a cost-effective solution after the project has been completed. However, this cannot happen before the project is watertight.
It is crucial to identify the type and scope of the project before you apply for financing. There are many types of works that can be done.