Short-term finance to purchase and refurbish a 2-bed flat for quick resale

The client is an experienced developer. He was looking to purchase a two-bed flat in his trading limited company name to refurbish and sell for a profit.

The flat he was looking to purchase is on the second floor of an eight-storey flat in the seaside town of Brighton.

The client required finance to purchase the flat and carry out a full renovation including a new bathroom and kitchen.

He expected the works to take around three to four months after which time he would put the property back up for sale. 

Because the client already had considerable experience of renovating properties we were able to source a short-term loan that would give him the time and funds required.

Property value: £246,000

Loan amount: £153,000

Rate: £0.75% pcm

Term: 12 months interest only 

LTV: 62%

Lender arrangement fee: 1.95% (£2,983.50)

Completion date: October 2015

Consultant: Gary McKenna

Consultant tel: 01732 471652

Consultant