How does LendInvest define “refurbishment” for a Refurbishment loan?
Heavy refurbishment, including structural, conversion or extension work that may require planning permission or building regulation approval. For example: extensions, loft conversions, change of use of premises to residential use, conversion of a single unit to flats and works under permitted development. Where planning permission is required, this will need to be in place prior to completion of the loan.
The refurbishment costs must be greater than £25k but less than £500k, and be greater than 15% of the day 1 market value of the security but less than 50% of the day 1 market value of the security.
For the avoidance of doubt, we will not finance basement excavations through our Refurbishment finance product.