Paragon Refurbishment Product
The new property development facility, from Paragon Mortgages allows experienced property professionals to buy or refinance a property and then refurbish it. The property may not be in a condition suitable for habitation when purchased and at this point Paragon provide the following facilities:
- An initial loan of up to 75% of the original property value
- Stage payments of up to 75% of the improved value as the refurbishment is carried out
- Minimum loan £25,001 to a maximum of £1,000,000
- The debt need not be serviced during the "development period" of 6 to 12 months
- Bank base rate + 2% if paid on a monthly basis. Bank base rate + 3% for interest only roll -up.
- Conversion to a long term mortgage following the refurbishment
This new and innovative product from Paragon Mortgages is available exclusively through BusinessMortgages.co.uk.