Short-term finance to complete Lancashire barn conversion

Area
Lancashire
Capital Raised
£190K

The Scenario

We were called in at the end of this self-financed barn conversion development, to arrange short-term finance that would cover the last four months to get the two adjoining dwellings from first-fix to completion.  

The mum and dad had bought the barn on a hilltop outside Stockport two years earlier for a bargain £275K. Their plan was to convert it into two handsome 3-bedroom homes: one for themselves, and the other for their daughter and her partner.

The father is an experienced property developer who had funded the project to this stage. But now they needed a final cash injection of £90K to get the kitchens and bathrooms installed, decoration and landscaping work completed, plus repay £100K to the father’s company.

The Solution

The daughter and her partner were currently living on-site in a static home: we needed to get them into their barn as soon as possible.

The properties were wind and watertight, which was a bonus, and in their current state were valued at just over £400K each.  When completed their GDV was projected to be more than £600K each.

Setting up the lending took a little longer than usual, as there were four signatories who didn’t live together, but we got it arranged in time for them, for a competitive 0.78%.  

Review of bridging loan mortgage advisor Sam O'Neill Clifton Private Finance

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.

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