Boosting appeal with Refurbishment FinancePublished on 19th September 2018 2018-09-19T13:52:04+00:00 - Last update on 17th March 2020 2020-03-17T16:06:55+00:00
In order to maintain a reliable monthly income and stay competitive, making sure that your business is as attractive to customers as possible is vital. But, keeping up with consumer demands is no easy feat, often proving a difficult challenge for even the most well-established of businesses operating within the UK. Nevertheless, one way in which you can keep customers coming back and preserve your bottom line is by improving the aesthetic appeal of your premises. Naturally, the often prohibitive cost means this could be a challenging task to accomplish, but is achievable with Refurbishment Finance.
What can Refurbishment Finance be used for?
Whether you’re a small business or are well-established, living up to consumer expectation is no simple matter. If your venture is to succeed in establishing a tangible presence in your local area, ahead of the competition, creating a positive first impression is an absolute must. If your premises feel cramped or appear tired, it will, no doubt, be driving away customers, making it harder for you to maintain your bottom line. But by applying for Refurbishment Finance, you could gain access to the funds you need to support and carry out a wide range of refurbishment options, from exterior and interior decorating, kitchen and bathroom refitting, lighting, rearranging current facilities and electrical rewiring to creating inviting outdoor spaces. As such, with Refurbishment Finance the only limitation you have is your imagination.
How do I qualify for Refurbishment Finance?
Although improving the aesthetic appeal of your business can be a great way of generating and maintaining customer interest, it takes a lot of planning beforehand, but if your business stands to benefit, Refurbishment Finance could provide the support you need to succeed. Being suitable for a variety of financial situations, your business could still qualify even with an adverse credit rating. Nevertheless, lenders will still request permission to review your current financial situation and incorporate into their checks whether you have past and recent CCJ’s, accelerated payment notices, existing finance agreements, outstanding debt (e.g. credit card debt) and a reliable history of settling debt on time.
As well as presenting the property in question as collateral (or another property in your possession), you’ll also need to provide a number of documents to support your application. These can range from recent and past bank statements, profit and loss statements, cash flow forecasts to tax returns, which should all be outlined in the documentation sent to you by the lender.
How does Refurbishment Finance work?
Refurbishment Finance is a Secured agreement that uses the premises in question (or another property in your possession) as collateral, meaning you could borrow a sum in the same region as the property’s gross development value (GDV), which is based on the property’s predicted value once the project has been completed. As such, there’s no maximum limit on how much you can borrow other than what the lender is willing, or able, to provide.
However, being a mortgage agreement you’ll also need to place a portion of your own capital in also, usually starting from 20% of the property’s GDV. However, if you can afford to provide 40%, this will help reduce the amount of capital you need to borrow and may earn your business a more favourable interest rate, saving your business money in the long run. Classed as a long-term form of business finance, Refurbishment Finance offers agreements that can last up to 5 years. During this time you’ll need to make Fixed Monthly Repayments, plus interest.
Would your premises benefit from refurbishment?
Making sure that your business is able to attract a constant flow of customers is essential for its long-term sustainability. But meeting their demands can leave you feeling stretched, especially when it comes to maintaining the aesthetic appeal of your business. However, rather than drawing the funds from your own savings, you could support your vision by applying for Refurbishment Finance. All you need to do is source a suitable finance agreement from a lender you can trust, which is where we can help.
At Rangewell, we’re an Access to Finance specialist who’s mapped over 400 lenders to offer you an overview of more than 23,000 business finance products. Our services are free to use and we’ll also guide you through the application process. So if you’re looking to attract more custom but feel that your premises is letting you down, apply for Refurbishment Finance today or find out more with Rangewell.
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