Mortgage For Auction Property And Finance Raise For HMO
Purchase: Grade 2 Listed Building
Capital raised: £132,423
These high net worth clients found a residential Grade II listed building at auction that was a perfect rental solution for doctors at a nearby hospital. The property needed refurbishment and would then be converted into an HMO conveniently located in the city centre.
The lender had concerns over the fact that this was a Grade II listing but as existing customers with the lender and an established lending track record, along with their strong outside incomes, we proceeded to IMO in just two days.
While their experience within the HMO space was not extensive with regard to converting listed buildings, the clients had already instructed an architect who was in discussions with the council’s listed building department, within the council, demonstrating their knowledge of the process and a commitment to gathering the necessary information.
Four months after the completion of this case, the client advised the lender that consent from the council had only just been received, significantly delaying the commencement of works to the property. The lender looked at this pragmatically and understood that this was completely outside the client’s control, and were comfortable to be flexible on their standard condition that refurbishment works are finished within six months of case completion.
The lender looked at this case on its own merits and consider all possible factors in order to get the best outcome for both broker and client.
This highlights the importance of a working with an experienced broker who has access to specialist lenders - At Fair Mortgages we can access a range of lenders who will take an entrepreneurial approach to lending.
Call 0117 403 4474 to speak to our mortgage broker team.