Best heavy refurbishment finance lenders
Who funds structural works, conversions and part-complete schemes — and how the money is released.
Heavy refurbishment sits between a light cosmetic bridge and full development finance. Once the works involve structural change, a change of use, an extension or a conversion, the lender is underwriting a project rather than a property — and the questions change accordingly.
This comparison ranks lenders by works appetite and by how the money actually reaches you: day-one LTV, loan to gross development value, whether works costs are funded in full, and how many drawdowns the facility allows.
What matters in a heavy refurbishment lender
Works appetite
Will the lender fund structural change, a change of use, an extension or a conversion — not just a new kitchen and bathroom?
Day-one LTV
How much of the purchase price or current value is advanced at completion?
Loan to GDV
How much of the finished value the lender will lend against, which is what caps a value-add scheme.
Works funding
Are works costs funded in full, and in arrears or in advance of each stage?
Drawdown mechanics
How many stage releases, how they are triggered, and whether a monitoring surveyor is required each time.
Part-complete schemes
Will the lender take on a project someone else started and stalled?
Exit
Refinance onto a term product, sale of the finished units, or a move onto development finance.
Published maximum figures are rarely all available on the same case. A lender advertising 85% day-one LTV, 75% loan to GDV and 100% of works costs will usually give you the best two of the three, and the third will flex. Read a heavy refurbishment quote as a package rather than a set of independent maximums.
The ranking
This is a routing tool, not an absolute league table. The lender at number one is not best for every project.
| Rank | Lender | Works appetite | Speed | Best fit |
|---|---|---|---|---|
| 1 | Avamore Capital | Very strong; light to heavy refurb, conversions and commercial-to-residential | High | Larger value-add schemes needing flexible funding mechanics |
| 2 | Hope Capital | Very strong; light, medium and heavy works | High | Structural refurb, conversions and projects needing up to 100% works support |
| 3 | Aspen Bridging | Strong; published light-to-heavy refurb and structural uses | Very high | Residential investment, HMO and time-sensitive refurbishment |
| 4 | Octane Capital | Very strong; bespoke heavy refurb and conversion cases | High | Complex structures requiring product-less underwriting |
| 5 | Roma Finance | Strong; light, medium and heavy classification with manual underwriting | High | Borrower-led cases where capability and exit need a full review |
| 6 | Castle Trust Bank | Strong; staged heavy refurb facility with up to five drawdowns | Structured | Projects where controlled release of works money matters |
| 7 | MS Lending Group | Strong for commercial and mixed-use refurb | High | Commercial, semi-commercial and mixed-use assets |
| 8 | LendInvest | Strong; GDV-led refurbishment with staged options | High | Residential schemes with clear GDV and a defined works plan |
| 9 | Shawbrook Bank | Strong, but heavy refurb is distinct from its higher-LTV light-refurb product | Structured | Larger or more formal schemes requiring bank-style monitoring |
| 10 | CrowdProperty | Strong development-led appetite | Structured | Heavy refurbishment that is closer to a small development |
| 11 | United Trust Bank | Re-launched heavy refurbishment capability | Structured | Larger, professionally presented schemes requiring institutional-style assessment |
Scroll the table sideways to see every column.
Best heavy refurbishment finance lenders — Frequently asked questions
Which lender is best for heavy refurbishment finance?
There is no universal best lender. Avamore Capital, Hope Capital, Aspen Bridging and Octane Capital are strong starting points for flexible heavy works; Castle Trust and United Trust Bank suit schemes that need structured, monitored drawdowns.
Can a lender fund 100% of refurbishment costs?
Some lenders publish up to 100% of works costs, including Hope Capital, Aspen Bridging, Octane Capital, LendInvest and CrowdProperty. That figure usually comes with a lower day-one advance and staged releases against verified progress.
Does 90% LTV apply to Shawbrook heavy refurbishment?
Usually not. Shawbrook's published 90% figure relates to eligible light-refurbishment funding. Its heavy-refurbishment product is assessed differently, so do not plan a structural scheme around the light-refurb maximum.
Do I need planning permission for heavy refurbishment?
Not always, but structural changes, extensions, conversions and changes of use may require planning permission or prior approval. The lender will want the planning position evidenced before drawdown.
What is the most important part of the application?
A credible package: purchase price or current value, a works schedule, contractor details, full costs, the planning position and a documented exit. Lenders decline more heavy refurbishment cases on a thin package than on the works themselves.
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