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What is a renovation loan?

A renovation loan is generally offered to property owners who wish to remodel their homes, real estate projects or company offices, but need additional capital to do so. This type of loan is, however, frequently limited to small and medium-sized developers, as well as self-builders only.

Do You Need This Type of Loan?

If you do not have money to buy a new home or work office, but require new rooms or facilities, renovation loans are definitely the answer to your prayers. In some cases, applying for them is even easier compared to when applying for a loan to purchase a new property. This is because you already have the property in your name, which could be used to secure your loan if necessary.

85percent.co.uk

With this company, you can expect your renovation project to be funded 100% if you pass their application process. Moreover, you can opt to have the funds released in stage payments or in one lump sum payment, whichever suits your needs better. Another excellent benefit of their property development loans would be their willingness to consider even applicants with low or bad credit ratings. Lastly, the minimum amount offered for this type of loan is £50k.

GalleryFinance.co.uk

If, however, you are looking for a renovation loan especially designed for residential owners, then you should check out the loan packages offered by Gallery Finance. The minimum amount for their renovation loans is £5k, but this can easily increase up to £100k. You will not be pressured to pay off your loan quickly either since the company offers repayment terms between 5 and 25 years. Interest charges are also fairly reasonable with an average of 15.9%, although this can go as low as 7.9% in some cases.

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