What was needed?
Our client purchased an undervalued property based in Manchester at auction. Our client’s plan was to purchase the property from auction and move it onto a buy-to-let once all works to the property have been completed.
How We Achieved It
We sat down to understand what the project was, what it required, and what sort of experience our client had.
After understanding that they had quite a lot of experience in property development we decided to help them arrange some longer term development finance so that they were able to complete the conversion and sell their properties.
The client required a loan of 75% of the market value of the property which was £100,000
The bridging finance was agreed upon at a rate of 0.95%.
The total term of the loan was 6 months.
Once our client completed the required work on the property they refinanced into a term loan.
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