Client Testimonials Archive

Reynolds, Renovation loan for your French Home

The Reynolds used a French Renovation loan to complete their renovations

It was almost three years ago that husband and wife Jim and Marilyn Reynolds purchased their partially renovated 250 year-old farmhouse. Two years into the purchase, they decided to re-finance the property to cash out some of the renovations expenses that they had invested and complete the works.

The Reynolds describe themselves as serious Francophiles. Their interest in the culture, history and county began in the early 1980’s when they first began renting apartments in Paris. In 1987, the Reynolds travelled down to the South of France and discovered the Luberon area and immediately fell in love with the location. From 1991 on they began renting houses in area. Over that fourteen-year period they got to know the surrounding region, the towns and markets and made many close friends among the local community.

In 2005 they decided that they were ready to start looking for their own permanent property. The plan was to find a place that would serve for the moment as a vacation home but would be also be rented out. Eventually it might become a primary or more full time residence. When they found their current property they both agreed that, “It was a ruin, but we both saw the potential and decided to take the plunge!”
Soon after, they bought the property for 650,000 euros.

“Our house is everything we could have hoped for after all those years of dreaming and planning.”

The house was likely built in the early 1800’s and had been unoccupied since the 1940’s. It is situated on 1.75 hectares (5 acres) of open land that is south facing with incredible views of the hilltop village of Roussillon. It is located in the area east of Avignon and between the Vaucluse plateau and the Luberon Mountains. The house and land is at the south edge of a small hamlet and within 3-4 km of full service villages with all amenities.

The owner from whom the Reynolds purchased it had undertaken some initial renovations. They had essentially reconstructed the exterior and had renovated the interior into new rooms - but without electricity or plumbing. Now, after renovation, the house consists of 5 bedrooms, each with an in-suite bath, large gourmet kitchen, salle de sejour, large outside terrace with adjoining pool, and a covered terrace protected from wind and rain.

In September 2005, the Reynolds began renovating, picking up on the work of the previous owners. The renovations went on through to June 2007 and included substantial changes such as refitting the house for electricity, and overhauling the plumbing .and complete finishing of the interior and exterior. During this process, the Reynolds became increasingly frustrated with the original lender that they had been working with. There were late payments to contractors, poor accounting practices and a real difficulty in communications.

In 2007 they decided to re-finance the property to recover some of the equity they had contributed and to switch to a new financial organisation. At this point, the Reynolds began to work with France Home Finance, a leading independent mortgage broker in France specifically focused on serving expatriate and non-resident investors.

“France Home Finance immediately understood exactly what we wanted to do and promptly presented us with several loan options. They helpfully explained the mechanics, risks and implications of each product.” adds Jim Reynolds.”

After going through property purchase, renovation, and having had a series of undertakings with the French banking system, I would strongly recommend that anyone considering a property purchases not attempt to navigate this system without reputable professional help” says Marilyn Reynolds. "But the end results have made it all worthwhile. Our house is everything we could have hoped for over all those years of visiting, dreaming and planning.”

To see the Reynolds home, visit www.provencedreamhouse.com