I recently recived this from a local FSA. I thought that it may be of interest…
Your client’s can now borrow up to 70% of the property’s purchase price, however once the minor refurbishments have been completed we will lend up to 70% of the new, higher property value.
We will then release the difference, up to a maximum of £25,000. The difference in funds is released when we have evidence from the surveyor that the minor refurbishments have been completed within 3 months and have increased the property’s value to the estimated amount.
The client does not have to borrow the maximum amount available but can simply choose to cover the cost of the minor refurbishments.”
If this is of interest let me know.