The client had found a large property with planning permission to knock down the house and replace it with a larger home as a self-build project. He wanted to retain his existing property to live in while the new home was being constructed.
We were able to work with a private bank to help refinance the existing residential home, raising more than £500k to help fund the deposit on the new property. We were also able to obtain a £975k mortgage on new property, plus a further £500k loan to help towards the build cost.
Overall, we secured nearly £2m in funding, which meant that the client was able to start building the new house with a mixture of his own funds, refinance monies and an initial land loan. The client and his family were able to stay in existing house, upon the condition that they would sell and reduce down the overall debt once their new home was built and old residential home was sold.
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