An experienced buy to let landlord was looking to purchase a 5-bed HMO to let to sharing professionals. The property needed renovating before it could be rented out so would not qualify for a buy to let mortgage.
Because the landlord already had considerable experience of renovating properties and operating HMOs, we were able to source a short term bridging facility at a competitive rate that would give him the time and funds to refurbish the property.
Once the house is ready to let, we will help the landlord to refinance the property onto a buy to let mortgage that works for HMOs.
Property value: £245,000
Loan amount: £171,500
Rate: 8.76% (8.01% over 3m LIBOR)
Term: 12 months
Lender arrangement fee: 1.75%
Completion date: January 2014
This is just one example of how I've helped a client secure short term finance. To see more of my case studies please visit my profile page. And if you have any funding requirements, please do not hesitate to contact me. My direct line and email address can be found below.