Development finance is a specialist product designed for those who are buying a property requiring refurbishment. The property is in such a state that it is not habitable – perhaps requiring at least a bathroom and/or kitchen to make it so – so standard mortgage lenders will not lend. Development finance enables investors to purchase the property and do it up before remortgaging onto a standard residential deal, if they plan to live there themselves, or a buy-to-let, if they are renting the property out. Often, investors sell on the property once the works are done, pay off the development finance and then invest the proceeds in another project.