QUICK REFURB BRIDGING DEVELOPMENT LOAN FOR HNW LONDON LANDLORD

We arranged fast finance for this London landlord who needed to repay his mortgage in order to proceed with his development plans.  

The Scenario

Our client is a high net worth landlord who was looking to develop his semi-detached Islington propery in a gated development into two maisonettes.

The single residence was originally valued at £1.2M. Our client’s basement dig and addition of two stories above would make two maisonettes, increasing the total site value in this rental hotspot to £2.5M

He needed to repay his current borrowing to allow him to split the title. 

The bridge finance of £653,000 that he was looking for would repay his £553,000 mortgage, and give him £100,000 towards the building works.

The Solution

This was a very quick finance set-up, even by our standards.

Within five days of his initial enquiry, we had an agreement in principle for his desired lending, at a very acceptable 0.5% monthly.

He's now proceeding with the conversion works on his lucrative asset, with the aim of exiting with two buy-to-let mortgages and  getting the two separate units onto the rental market as quickly as possible. 

More about our bridging loan service.

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