
Bridging Loan To Renovate Buy To Let Property In Liverpool
Clients often approach us for short term finance to renovate and improve buy-to-let properties either to increase the rent they can charge or to sell for profit. Changes in BTL taxation have meant that many landlords are refurbishing existing properties to sell on, and we've been seeing a lot of renovation activity in Liverpool..
The Scenario
Our client had bought a buy to let property in Formby, Liverpool on an interest-only mortgage that was coming up for full repayment. The clock was ticking: he needed to repay the mortgage and also wanted to access some additional funding for structural and cosmetic improvements which would make the house more appealing to residential buyers.
The Solution
The application process for renovation finance is relatively straightforward as lenders are less concerned about an applicant's income, being more focused on the exit strategy. Read more about renovation finance here.
We were able to source a 12-month finance solution with a bridging loan lender who was comfortable with the exit strategy even though the property was not immediately being marketed for sale. We arranged for this to be a condition of the offer to allow for funds to be released to pay off the existing mortgage before the work was completed.
Refurbishment finance allowed the client to knock through the living area, making an open-plan space which was much more appealing for residential buyers and could command a higher price.
Jack Spillane
Finance Broker
Bristol
0117 959 5094
Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need.
Mathew Phillips
Finance Broker
Bristol
0117 959 5094
Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.
Alex Chambers
Senior Finance Broker
Bristol
0117 403 4324
Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.
Luther Yeates
Senior Finance Broker
Bristol
0117 244 5561
Are you looking for a similar type of property finance? I have extensive experience finding residential and investment property finance for UK and international clients. Please get in touch and we can arrange a time that's convenient for you to discuss your situation.
Sam ONeill
Senior Finance Broker
Bristol
0117 959 5094
Is your situation similar? I am a bridging finance specialist at Clifton. I can find a quick, cost-effective solution for the funding you're looking for.
Robert Gibb
Senior Finance Broker
Bristol
0117 959 5094
Are you looking for mortgage or short-term finance for residential or buy-to-let property (including HMOs)? I have extensive experience in finding property finance solutions for UK and international clients, both as individuals and limited companies. Please give me a call and let me see what I can do for you.
Adam Arnott
Associate Director
Bristol
0117 205 0214
Is your situation similar to this? I have extensive experience of advising clients who need creative property finance solutions. Please get in touch and we can arrange a time that suits you for a detailed discussion of your requirements.