Refurbishment & Conversion Loan
The Refurbishment & Conversion Bridging Loan is available to buyers as well as existing owners, from light refurbishment to heavy renovation and conversion. Typically, our clients will be adding value as works progress and, whilst our lending is based initially upon current open market value, further draw-downs can be made available if required.
At outset Cowan Investments can lend, net of all fees and interest charges over an initial maximum term of 6 months, up to 75% (85% Gross) of the current open market value. The term may be extended or renewed subject to refurbishment progress. After the first month, interest is charged on a daily basis. Typically, no exit fee is charged. The maximum loan for this product is $2,000,000.00. Loans outside the normal parameters will also be considered case-by-case.
|Loan-to-Value:||Up to 85% gross of current open market value|
|Loan Size:||Minimum loan size $50,000.00; maximum loan size $2,000,000.00|
|Interest Rate:||From 6.50% per month|
|Charges:||1% arrangement fee, typically no exit charge|
|Loan Term:||Minimum loan term of 1 month, maximum term 6 months (may be extended)|
|Borrower:||Individuals and USA companies only|
|Security:||1st and 2nd legal charge, plus Directors guarantees|
|Location:||United States only|
No Upfront Fees, Non-Status, No Accounts Required, Freehold/Leasehold, Semi‐Commercial Considered, Auction Purchase, Competitive Valuation & Lenders Legal Costs, Interest & Charges Deducted From Loan Proceeds.
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