Refurbishment Loan

Client: Refurbishment Loan
Property Value: £1,700,000
Loan Amount: £900,000

We were approached by a client that required a refurbishment loan to repay his existing lender as the loan has now expired and they need the loan redeemed, he has also obtained planning permission to convert the property into 3 flats with an GDV of £2,400,000. The client had the funds for the works but needed 12 months to complete the works and sell the properties.

Through our excellent relationships with our bridging lenders, we were able to arrange the loan through a lender who was able to meet the borrower’s request. After numerous emails and calls with the lender and the underwriter they got comfortable with the security being offered.

We were able to broker a total facility of £900,000 with a monthly rate of 0.95%.

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