How do I repay my refurbishment loan?
It’s important to plan for the repayment of your refurbishment loan before you even approach lenders to fund the project.
This is for your benefit as much as the lenders, as you will need to ensure that you can complete and repay within the agreed timescale. Your ‘exit strategy’ will depend on your plans for the project once complete and may include:-
- Sale of the property to raise the funds to repay the loan. You will need to have an understanding of the demand and value and the Valuer will also give their opinion.
- Refinancing the property onto a longer term loan in order to retain it for investment purposes. You will need to understand local demand and current market rents for your finished property. The Valuer will also give their opinion on the rental.
How can Sterling Commercial Finance Help?
At Sterling Commercial Finance, we’ve been helping businesses access funding for over 20 years. Get in touch with the team today to see how we can help your business.