A guide to light and heavy refurbishment
In a piece for Bridging and Commercial, Dan Standing – regional development manager at Shawbrook Commercial Mortgages – reports that professional investors are increasingly turning to short-term loans to facilitate a quick purchase, a development exit or finance to carry out works to the property — both on a light and heavy refurbishment basis. Light refurbishments offer applicants the opportunity to buy a property for a competitive price and allow the required works to be carried out. Heavy refurbishments, meanwhile, allow an investor to carry out structural works to the security. This may include increasing the footprint by way of various extensions or converting a security to an HMO where planning exists.