Criteria search

Definition

Where short-term finance is required and is secured on a property in a habitable condition and does not require any improvement works.

Example uses

• Chain break finance
• Buying property at auction
• Meeting tight transaction deadlines
• Landlords looking to make a quick purchase
• Cash flow funding for short-term requirements.

Related words: short-term loan, rolled interest

Definition

Suitable for properties where:

• Works do not require planning permission or building regulations
• There’s no change to the overall use or nature of the property
• Works are being completed under Permitted Development Rights with no change to the property footprint.

Example uses

• Properties deemed uninhabitable by long-term lenders
• Works to replace or update building components and non-structural alterations including: 
  • redecorations
  • replacements of kitchen
  • replacement or creation of additional bathrooms
  • replacement of flooring, windows, roof cladding, electrical, heating and plumbing systems
  • non-structural alterations to accommodation layout
  • other equivalent work as agreed by us.
• Properties currently at ‘wind and watertight’ stage that require completion.

Definition

Suitable for properties where:

• Planning permission or building regulations are required
• There’s no change to the overall use or nature of the property
• Works are being completed under Permitted Development Rights with change to the property footprint.

Example uses

• Extensions
• Loft conversions
• Single unit to multi-unit conversions
• Multi-unit to single unit conversions
• Barn conversions
• Landlords looking to change the use of a residential property to a small HMO up to 10 lettable rooms
• Landlords looking to change the use of a commercial unit to a maximum of 4 flats
• Landlords looking to change the use of a residential property to a maximum of 6 flats.

A new homes warranty from an accepted warranty provider or professional consultants certificate must be provided at completion for conversions to flats.

Related words: uninhabitable, repurpose, major works