What was needed?
Our client identified a large semi-detached property that required planning permission to be converted into three apartments.
Refurbishment works were required on the property before planning could be granted, and so the client needed capital to complete the work whilst the loan was outstanding.
What did we do?
We sat down with our client and went through all their requirements, their experience and their plan for completing the project as well as the time scale they thought it would take.
After establishing these details we decided with the client that the best option was to shop the market for bridging finance whilst these works were completed, and helped them agree a bridge loan.
The Gross Development Value was £525,000 and the client required 75% of that amount in order to complete their project.
As this was a flexible finance arrangement the rate agreed was 9% per annum, or year.
The development works took a total of 12 months before the loan was completed.
Once these works were complete the client then arranged, through us, a longer term Buy-To-Let mortgage.