Case study 2
Key Facts:
Planning agreed for a large renovation of an existing derelict house
Current property Value: £400,000
Loan required : £400,000
Current mortgage secured on house: £0
Gross development value: £700,000
Building owned out right by client
Finance was required to fund a large renovation project following the purchase of a derelict property.
The broker became involved after the client had previously been advised that a standard residential mortgage could be secured once the plot was purchased. After the client sold their existing property and bought the plot outright, it became clear that funding could not be secured against the property through mainstream lending.
We supported the broker in sourcing a renovation-specific product suitable for the project. The lender agreed to fund against the end value of the completed renovation and release funds in stages to enable the works to be carried out.
Once the renovation is complete, the lender has also offered a product switch onto a standard residential mortgage.
Why do brokers want to work with Mayflower?
Mayflower was founded after our directors, Mike and Lulu, completed their own construction project. They saw firsthand how complex and unclear specialist finance can be, even with their industry knowledge.
Today, we are a specialised team focused on finance for self-build projects, renovations, and conversions. Many of our team members are self-builders, so we understand the pressures involved in decision-making. We take the time to thoroughly understand each project, communicate clearly about what is achievable, and support brokers and their clients through a professional financing process.s involved. We take the time to understand each project thoroughly, communicate clearly about what’s achievable, and support brokers and their clients through a professional finance process.
