Bridging Loan To Renovate Buy To Let Property In Liverpool

Area
Liverpool
Capital Raised
£160K

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.

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