Residential bridging loan to buy development site for two barn conversions
How do artists keep body and soul together while pursuing their artistic vision? By also being clever property developers…
The Scenario
Our client is a notable equestrian artist who owned a £275K house that her elderly parents lived in.
She had an opportunity to purchase a development site at a very good price, and convert the two barns: one as a home for herself and her parents, and the other to sell.
The £150K of finance she was looking for, secured against the current residence, was to be roughly split 50-50 to cover the purchase and conversion costs.
The Solution
This was a fairly straightforward bridge-to-purchase.
The biggest challenge was the intended use of the finance: not all lenders are keen on derelict property conversions. But we knew where to take this proposal.
There was no issue with her parents signing the necessary “waiver of interest” in the property they were currently living in (this will always require that they have independent legal advice).
Finance was arranged in a matter of weeks, despite the Christmas hiatus, at a market-leading 0.59% per month.
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.