The client is a full-time civil servant who was looking to purchase a 3-bed terraced property in the Midlands. The property had been vacant for over a year and needed a full refurbishment before it could be let.
The client has a property portfolio of six buy to lets and experience in smaller refurbishment projects. He needed finance to purchase the property but had the funds to carry out the renovations.
We approached a semi-exclusive lender with well-priced rate with no exit fees.
The client accepted a 12-month term even though the project should only take half that time. This means that he will be protected if the project suffers any setbacks.
Here are the details of the deal:
Property value: £105,000
Loan amount: £78,750
Rate: 0.95% pcm
Term: 12 months
Lender arrangement fee: 1.95% (£1,535)
Lender exit fee: Nil
Loan payment: £763 pcm
Rental income: Once completed refurbishment £650 pcm
Consultant: Chris Longhurst, 01732 471607
This is just one example of how we have helped secure short-term finance for a client, if you have a similar scenario or something you'd like us to look at please get in contact with us on 0345 345 6788.
ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.