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    Home » Q2 shows a rise in refurbishment finance

    Q2 shows a rise in refurbishment finance

    npsBy nps30 August 2018Updated:3 July 2024 No Comments2 Mins Read
    — Filed under: Focus
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    Refurbishment finance reached a peak of 34% of all bridging loan activity in Q2, up from 18% in Q1. This is the data according to Bridging Trends, an impartial collection of bridging and property finance activity highlighted by four of the UK’s main bridging lenders.

    Bridging loans are commonly used as an alternative to traditional mortgages, allowing borrowers and investors to break property chains by going through a specialist lender. When there is a tight deadline, bridging can provide funds within a matter of days or weeks, compared to a mortgage which could take several months to complete.

    Property developers opted for refurbishments to existing properties in Q2 to make improvements and the improve the property’s value. This was against a backdrop of increased regulation in 2018 which made buying new properties much more difficult for homeowners and property developers.

    The finance provided was commonly used for refurbishments such as adding extensions, new kitchens, bathrooms and renovating the interiors. This was followed second by development projects at 33% which involve taking a fresh plot of land and building up a new property ? maybe to resell or rent out to tenants.

    The average speed of funds in Q2 was an average of 43 days, decreased by 5 days compared to Q1.

    In addition to the popularity of refurbishment finance, the bridging market has seen a notable fall in regulated activity, down from 43.7% to 36.8% in Q1, the lowest it has been since 2015, as reported by Tiger Bridging.

    The fall in regulated activity was attributed to fall in completions for auction purchases and mortgage delays, by as much as 13%. Borrowers have continued to favour non-status lending where there are no credit checks required and a more lenient criterion, despite interest rates being higher.

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