Financing for Spanish self-build, refurbishment and renovation projects
Spanish mortgage funding is now available to enable Spanish home owners and buyers, including those from the Gulf and United Arab Emirates to turn their dream house projects in Spain into reality. With Spanish euro mortgage funding covering purchase, self-build, refurbishment, and renovation costs, these funding options now allow individuals to embark on transformative home projects in the Spanish real estate market.
For the first time, expat buyers of Spanish property can secure mortgage funding that spans the entire spectrum of their property ambitions, covering the costs of purchase, self-build projects, refurbishment, and renovations. Moreover, Middle Eastern residents can access this financing avenue by structuring their investments through a local Spanish specialist property holding company.
As online mortgage brokers, Offshoreonline is uniquely positioned to guide homebuyers and homeowners through the intricacies of financing dream projects in Spain. Self-build and renovation loans can be structured on an interest-only basis during the build period, extending up to a maximum of 24 months, after which a repayment structure is put in place. Notably, property disposal is allowed during this time, providing additional flexibility to borrowers.
These innovative loans can be set up over a 30-year period, with funding possible for up to 100% of the build cost, as long as the project valuation is less than 60% of the property value. This flexibility allows individuals to tailor their financing to align with their specific project requirements.
Offshoreonline facilitates a seamless process by offering purchase and refurbishment funding as a single, convenient loan, with negotiation taking place at the time of house purchase.
Purchase and refurbishment loans can be set up on an interest-only basis for a maximum of 12 months. Following this period, a repayment structure is implemented. Loans are capped at 70% of the purchase price, with additional refurbishment funding limited to 60% of the project cost. Importantly, loans are also available to existing homeowners who now wish to change and remodel their property.
These flexible funding options herald a new era for expat property buyers in Spain, providing them with unprecedented opportunities to shape their properties according to their own vision in the vibrant Spanish real estate landscape