
Light refurbishment bridging loan to finish a self build
This wasn't a heavy-hitting amount of finance that was needed, but it was such an admirable building project being undertaken by a determined young owner-builder that it was a pleasure to be able to source the finance that would get him over the line.
The Scenario
Our client is an ambitious 32-year-old self-employed bespoke car parts finisher who was building his own home.
Living with his parents, and making £70K a year from his business, he’d saved enough to buy his plot of land (for £120K) and get his house built to wind and watertight stage (approx. £100K in build costs).
He now needed £100K to do all the interior works to finish the build, and complete the necessary landscaping.
This wasn’t the easiest finance to set up: a lot of lenders aren’t comfortable with the regulated lending (because it’s his own home) on a project like this.
Others would look at the remaining works to be done and class it as a heavy refurbishment (on more expensive finance), or a partial development.
And some of them will be wary of a self-build, because they think the owner’s going to take longer and do the work to their own taste and more exacting standards than a developer who’s using a standard design and materials and getting the job done as efficiently as possible.
The Solution
We took this application to a lender we do a lot of work with, who has a light refurbishment bridging loan product that would work well for this project.
They valued the shell property in its current state and location at £350K, and were happy to put up the finance required at 0.54% a month, for a maximum 12-month term.
Our client aims to have works completed within six to eight weeks, and refinance out of the bridge on a standard mortgage, with a capital raise to repay himself for some of his time and labour.
More about our bridging loan service
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.