How to fund a refurb

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FlossyFlute
Posts: 2
Joined: 24 May 2013 16:01

How to fund a refurb

Post by FlossyFlute » 24 May 2013 19:03

Hello, Im hoping you may be able to point us in the right direction...we have a small village house in Cyprus that needs a new roof and other building work done on it and Im wondering what is this best way to finance this? Myself and my partner own the property without mortgage and have the deeds (in partners name). It needs a bit of work so wont be cheap.

Im not really sure where to start, a bank here? a bank there? Mortgage? Loan?

The building isnt really habitable at the moment so its case of rasing funds and getting it up to scratch to use as a holiday home for a few weeks a year.

Any help you can give would be appreciated
Thanks



Pantheman
Posts: 521
Joined: 26 Jan 2008 14:44
Location: Famagusta District
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Re: How to fund a refurb

Post by Pantheman » 28 May 2013 09:46

Hello Flossy,

unfortunately, you will not be able to get any loans/mortgage at the moment and the banks are being resolved and there are capital controls in place.

When they do start to lend again, you will need a convincing argument to get a loan essentially be able to should income can support this. The banks will be very strict. Of course you will also need to secure the property against the loan so you should think about this carefully.

Perhaps you have the means to raise a loan in the UK (I have assumed you are from there, sorry) or your own country, it may be easier than getting it from here.

Other than that, I cannot offer any other suggestions.

Good Luck all the same.


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FlossyFlute
Posts: 2
Joined: 24 May 2013 16:01

Re: How to fund a refurb

Post by FlossyFlute » 30 May 2013 21:34

Hello, I thought this may be the case with the Cypriot banks. I am in the UK and it looks as if a loan from this end may be the way forward and far easier all round.
Thanks for taking the time to answer :)



Nigel Howarth
Site Admin
Posts: 2323
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
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Re: How to fund a refurb

Post by Nigel Howarth » 31 May 2013 08:23

FlossyFlute wrote:I am in the UK and it looks as if a loan from this end may be the way forward and far easier all round.
It certainly would in the current economic situation here in Cyprus.

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
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