Case Study

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

The client approached us after being told by another broker they could secure a standard mortgage for the renovation if they bought the plot.

The client had sold their existing property and bought the plot outright. After going back to the broker, they were told they could not secure funding against the property at all.

We manged to secure a renovation specific product for the client. The lender will fund against the end value of the project.  They will release funds in stages to enable the renovation to be completed and have offered a standard mortgage product switch when the build is completed.