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
Lender arrangement fee: 1.95% (£2,983.50)
Completion date: October 2015
Consultant: Nick Helm
Consultant tel: 01732 471608
28th October 2015