Getting Finance for a Refurb when Non Resident

by Readers Question

3 years ago

Getting Finance for a Refurb when Non Resident

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Getting Finance for a Refurb when Non Resident

I am a UK citizen now based In Singapore looking for help getting finance when I am non-resident in the UK. Getting Finance for a Refurb when Non Resident

I have one BTL property in London and a family home which is let out at the moment (both on mortgages via HSBC). I am looking to step up my investment & involvement levels significantly over the next 3-6 months starting with a flip. Likelihood is it will be on a c $150k bungalow somewhere with £10-15k refurb costs. I have c £65k of capital to cover deposit & all costs but am still weighing up finance options.

I am then looking to follow this with 2-3 flips per year of a similar value with the option of retaining every 3rd or 4th deal if the maths of the deals make this possible. Probability is that I will be visiting the UK every 4-8 weeks for 7-10 days to oversee the process.

Any suggestions about routes to follow for financing (bridging vs. BTL mortgages) and any particular brokers to recommend would be much appreciated.




Mark Alexander

3 years ago

Hi Tim

Unless you have a very trustworthy project manager here in the UK I wouldn't recommend a flipping strategy from the other side of the world.

Finance will be the least of your worries, for brokers I would recommend the following:-

Malcolm Jones - see >>>

Cliff Verrill - see >>

The funds you have for the size of projects you are considering will make doing deals tight but not impossible.

Good luck!

Malcolm Norquoy

3 years ago

What a great question. I am also a UK citizen living in Singapore with a small/medium sized UK property prortfolio. I have been trying to arrange cost effective financing on a number of unincumbered properties without success thus far.

There are a couple of nuances to make life interesting of course.

It does seem UK citizens overseas are dealt a massive risk blow in terms of LTV, interest rate and loan term.

Will follow these leads up. Thanks Mark (and Tim).

Mark Alexander

3 years ago

Reply to the comment left by "Malcolm Norquoy" at "23/06/2015 - 10:11":

Hi Malcolm

The contacts I gave above are for commercial/development/bridging finance.

For more traditional buy-to-let mortgages for ex-pats I would recommend the following:-

Mark Edwards - see >>>

Howard Reuben - see >>>

Simone Gilks - see >>>

Tim Nolan

3 years ago

Great feedback and leads Mark - much appreciated

Good luck with the West Brom case by the way ( I was stung in the Bank of Ireland "fixed is not really fixed" fiasco a few years back - but thankfully not to a large degree)

Mark Alexander

3 years ago

Hi Guys

I'm in the process of writing an article about "my favourite short term lender".

Watch this space (Tim especially) as they are quite happy to lend to ex-pats and on uninhabitable properties.

The article should appear in the Newsletter and on the Latest Articles page over the next few days.

Mark Alexander

3 years ago

Just published the article referred to above. See link below 🙂

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