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As one of our brokers you can source client solutions across multiple sectors, submit and track their cases 24/7.
Need to register? Click here to start using our sourcing and case management system
Call us:01277 561 116
We worked with a client who was an experienced property investor who wanted to purchase a four-storey Georgian town house that was in need of total renovation and had planning permission to extend to the rear and basement. The purchase price was £980,000 and the client was looking for the highest LTV possible for the purchase, plus the cost of works to fund the refurb, which was a further £350,000.
The property has been derelict for several years and was in a state of serious disrepair. It would be unsuitable security for most conventional lenders and only experienced developers with a proven track record in property refurbishments would qualify. The combination of the client’s requirements for a high loan to value loan, plus looking to fund 100% of refurbishment costs, made this a difficult loan to place.
Within 24 hours we had obtained terms on a 15-month bridging facility lending 70% of the purchase price plus rolled-up interest, at a market-leading 0.79% per month. The total day one advance towards purchase was £686,000, plus 100% of refurb costs, which were an additional £350,000 to be drawn-down for works. The total facility was £1,187,653 against an end value of £2m for the finished property.
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