What was needed?
Our client was looking to purchase a property in order to redevelop it and add value with the addition of a single storey rear and side extension and a loft conversion.
The capital required was for the purchase of the property as well as the cost of development, with the client providing a reasonable deposit.
What did we do?
We sat down with client to understand the project, their experience and the capital they had, as well as their plans for the conversion, the exit and the length of time things would take.
After establishing this we shopped the market for the customer and helped them to agree bridging finance with one of our panel of lenders to fund their needs.
The Gross Development Value of the project was £1,100,00 and the client needed to borrow 70% of that amount, making the LTV 70%.
A rate of 9.6% per annum, or per year, was agreed, making the facility flexible until the work was completed.
The client used the facility for 12 months
The client completed the works on the property before refinancing, through ourselves, to agree a longer term Buy-To-Let mortgage and earn a residual rental income from the property.
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