The client owned a buy to let property in Formby, Liverpool and wished to pay off the existing mortgage which was coming up for repayment and take out some additional funding to make structural and cosmetic improvements to the house to make it more appealing to residential buyers.
The clock was ticking as the client’s existing buy to let mortgage lender required repayment. We were able to source a 12 month finance solution with a bridging loan lender who was comfortable with the exit strategy as the property was not immediately being marketed for sale.
We arranged for this to be a condition of the offer to allow for funds to be released to pay off the existing mortgage before the work was completed. The refurbishment finance allowed the client to create an open plan structure which made it very appealing to residential buyers and allowed the client to command a much higher sale value.
The application process for renovation finance is relatively straightforward as lenders are not concerned about applicant’s income and focus more on the exit strategy.
Bridging loan calculator