The benefit of a ‘Red Book’ Valuation

by Joel Lea, Senior Underwriter at Bath & West Finance.As a principal lender, we appreciate the necessity of carrying out a RICS ‘Red Book’ Valuation to help us assess the financial risk of a property – whether housing, commercial or semi-commercial properties,...

Spotlight on property conversions and refurbishments

by Martyn Smith, Managing Director at Bath & West Finance. I’ve been in the specialist lending arena for over thirty-five years, and bridging finance has near enough remained close to its origins of being flexible, short-term finance which is secured against...

Bridging Industry stalwart Matthew Anderson joins Bath & West Finance

Matthew Anderson has joined West Country bridging lender Bath & West as commercial director. Anderson has over 25 years experience in the bridging and development finance markets, formerly heading up development lending at Amicus Finance and prior to that, at...

Should unregulated bridging really be driven by borrower status?

A recent report into the bridging market, penned by EY Financial Services, articulated some interesting features of the current short-term market that bear a little more thought. According to EY’s analysis, growing competition in the bridging market ‘requires...

Thematic review of the short-term sector: Is it time to re-visit the basics of bridging?

The bridging market has changed a lot over the past decade. No longer is the dominant model to have a number of private individuals funding short-term development projects, underwritten on a case by case basis and priced typically at between 1.5 and 2 per cent a...

Refurbishment & Conversion Finance

Refurbishment finance tailored to your needs

Updating a residential or mixed-use property prior to rental can be time consuming and costly. At Bath & West we understand this and have created a bespoke product that gives our clients the flexibility to carry out medium and heavy refurbishments and conversions, such as structural works or works requiring planning permission, without having to go through the more detailed requirements of a development. It’s where we bring our expertise to your projects.

“Works on a more major scale to allow the extension or conversion of residential property come with more issues than just a quick cosmetic makeover. We understand the nuances of such projects and our products are designed to assist the more seasoned property professional as they look to undertake more involved projects.”

Joel Lea

Bath & West Finance
Senior Underwriter

Key rates & features

Maximum Loan


Minimum Loan


Maximum LTV On Completion


Maximum LTGDV


Build Costs Funded

up to 100%

Build Cost Limit


commitment fee


Broker Commission

from 1%

Monthly Interest

from 0.95%

Interest Payment Method

Serviced, retained or rolled-up

Exit Fee

from 15 days interest

Minimum Term

90 Days

Maximum Term

360 Days

Stage Releases

Milestones or Monitoring surveyor

Stage Release Fee

£195 per drawdown

Key Product Criteria*


Residential or mixed-use with at least 50% residential


Freehold or leasehold with more than 60 years left on the lease

Type of Charge

First charge, second charges considered


Planning permission will need to be in place prior to works commencing

Building Control & Warranty

Stage release milestones are tied in with statutory and warranty inspections


Modernising, structural alterations, extensions, residential-residential conversions, commercial-residential conversions

* Please refer to the criteria page for standard loan criteria for all products


Conversion, Trowbridge

Our client needed a loan for build and finance costs to convert a Grade II listed building into 7 town houses: five x 3-bed and two x 4-bed. They also needed to redeem with an existing lender within a short timescale before costs began to ramp up. We had to act swiftly.

We provided a loan for £1,116,000 with an initial drawdown of £550,000 to redeem the loan with the existing lender in time. The LTV was 68% and interest at 0.95% was retained each month of the 12-month term.

Loan: £1,116,000
Value: £1,660,000
GDV: 68%

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