Mortgage For Refurbishing A House To Let
Purchase & Refurbishment; - Three bedroom Bungalow
Loan amount: £220,000
The client who had a previous track record in refurbishment and redevelopment wished to borrow £220,000 to purchase and refurbish a property in Southampton in order to convert the house into a multi-let unit.
The works included a small extension and general refurbishment throughout. The required works pushed the spend to over 15% of the purchase price and in addition, (due to the type of development work being carried out), made this an ideal case for a specialist lender property development short term loan.
Once the works were complete the client intended to refinance the property onto a long term mortgage product and keep the house within their portfolio.
The lender's surveyor was booked to view the property and quickly confirmed that there was strong demand - even in its current run down condition. The property consisted of a detached bungalow on a ¼ acre plot. The comments also included that there was potential for an additional house to be built or alternatively, for demolition and construction of smaller houses.
The level of borrowing against the purchase price along with the extensive experience of the client in completing these types of projects gave the lender confidence to move to a formal mortgage offer within 9 nine working days of receiving the application.
The case moved swiftly to completion within just five working days.
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