
Short Term Finance For London Property Purchase and Heavy Refurbishment
The Scenario
Our property developer client had the opportunity to buy a property in need of substantial refurbishment, carry out the improvement works, and sell it on for a healthy profit.
But he didn't have enough capital to fund the total purchase cost, and the building works. They approached a bank for finance but were turned down.
Our Solution
We took the case to a specialist lender we have a strong working relationship with.
Definitions for refurbishment lending can vary from one institution to another.
This lender initially classed the remedial works as a heavy refurbishment, but with some persuasion from us about the interpretation of their criteria, they were prepared to re-classify the work as a light refurbishment.
Lending for light refurbishment is charged at a lower rate (reflecting the lower risk to a lender).
We were able to quickly raise £262,000 to contribute towards the purchase of the property, plus 100% of the projected refurbishment costs of £88,000.
Our client was able to complete the purchase and get the works underway.
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.