Finance for reburbishment

Hi. Could any body direct us to a finance company willing to loan money to enable some genereal reburbishment & extension to our newly acquired (pre-owned) park home.
We have very recently purchased our park home, which is need of some tlc and we where also hoping to add an extension. We have come across sites that enable you to borrow money secured on a new or sited park home but no one loaning money, to enable the refurb, secured on the home.
Obviously in hind sight we perhaps should have borrowed some against purchasing the home and left some money free to do the building work but hadnt realised that a lot of park home finance was specifically for acquiring the home. We particularly wanted to go with the secured loan to obviously get a better rate of APR as rates for personal unsecured borrowing at the moment seems extortionate.

Hi Jules and welcome to the forum

I have had a chat with RoyScot Larch, who are major players for financing park homes, but there is nothing they can do to help. An unsecured loan seems your only option.

I am wondering just how much of an extension you are wanting to do on your home. Did you realise that if it is a porch, you may only erect a porch two metres by one metre without a door with just the park owner's permission. Anything with a door, which would turn it ito a room, would require planning permission.

If you are looking to add a much larger extension, I would firstly discuss this with the park owner, as this would probably take your home out of the classification of being a mobile home ie. made of two halves on a chassis and joined together. Your current park owner may not mind you doing this, but if the park were to change hands, the new park owner may ask you to remove your extension as it could be a breach of the site license conditions.

Good luck

Ed

Thanks Ed. Yes I had chatted to Royscot larch too. Go figure, they would have loaned us the money against purchasing the situated park home but dont loan against refurbishment
As for the permissions / regulations, we will  be complying within them. Fortunately we requested a copy of the regulations prior to purchasing our park home and have had a site visit for some informal advise and clarification to enable our submitted plans being succesful.

The park home site we have chosen is actually council owned so we dont foresee any issues with ownership change. We chose this council owned site in preferance to some privately owned sites due to some horror stories we had read whilst investigating park home living. One of them in particular being a change of land ownership causing so many problems and new demands and bully tactics played out on park home owners. Our neighbours have been on this site for 20 years and are extremely happy. How's that for a recommendation. We are so looking forward to moving in.

If anyone out there does come across a company doing secured borrowing against a park home, please let me know. Thank you.

Hi Jules

Hope you will be happy in your new home.

I did go into it in some depth with RoyScot Larch and I could see the problems.

It is exactly the same as if you had purchased a car outright and then decided you wanted to do a lot of work to it. It would be impossible to take out a secured loan in order to do that. Strange as it may seem, they are both classified as chattels and there are no mechanics in place to be able to do it.

Have a great Christmas in your new home.

Ed.

Jules,

I was sad reading what happened to you.

I hope things would fall into its places someday.