Case Study

Keys Facts:

  • Client: British Resident

  • Planning agreed for renovation of existing home ( phase 1) and development of a large 6 bed home (phase 2)

  • Current property Value: £1,000,000

  • Loan required : £600,000

  • Current mortgage secured on title £695,000

  • Gross Development Value of phase one: £950,000

The client approached us needing finance to complete phase one of a project to renovate the existing home.

Self-build finance was not available due to cashflow restrictions of available products and affordability.

Through our strategic relationship with a Bridging lender, we managed to secure a second charge bridge, using the project address and additional security in the client’s buy to let portfolio.

The lender is retaining all fees and interest throughout the loan facility . The client will repay the facility on sale of phase one. 

The sale of phase 1 will enable the splitting of the original title.

This leaves an unencumbered plot which can be financed to start and complete phase 2 of the project.