
Development Finance Facility For Scottish Castle Restoration
The Scenario:
Our client approached us with an unusual and interesting requirement.
They owned a run-down property in a rural part of Scotland which required extensive restoration.
Funds were required to complete restoration works and a long-term facility was required as the client intended to use the property as a second home alongside short-term letting.
The Solution:
Due to the unique nature of the asset, its poor condition and lending requirement this was not going to be a loan suitable for most lenders in the market.
Properties in Scotland can often be extremely difficult to arrange finance on where there is little to no market activity, making a valuation difficult. This property was no exception, located in a very secluded area.
We were able to arrange a facility at a rate of 0.22% per month, 2.6% Per Annum (variable) over a term of 18 months. This was deemed suitable based on the works required, after which the bank pre-agreed to refinance the loan to a long-term mortgage subject to completion of the works.
Due to the condition of the property the loan required was 85% of the market value once the valuation was returned. The bank agreed to release the funds in two traches subject to confirmation of the completion of works, without a need to change the structure of the loan.
Once the works are complete the client will be able to retreat to their castle and enjoy views across the Loch and beyond from their own turret. We also expect this to be a very popular property in the short-term letting market.
When working with unique assets its important to work with a bank who is flexible and really understands the type of property offered as security.
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.