Quick refurb bridging development loan for hnw London landlord
- Islington, London
The Scenario
Our client is a high net worth landlord who was looking to develop his semi-detached Islington propery in a gated development into two maisonettes.
The single residence was originally valued at £1.2M. Our client’s basement dig and addition of two stories above would make two maisonettes, increasing the total site value in this rental hotspot to £2.5M
He needed to repay his current borrowing to allow him to split the title.
The bridge finance of £653,000 that he was looking for would repay his £553,000 mortgage, and give him £100,000 towards the building works.
The Solution
This was a very quick finance set-up, even by our standards.
Within five days of his initial enquiry, we had an agreement in principle for his desired lending, at a very acceptable 0.5% monthly.
He’s now proceeding with the conversion works on his lucrative asset, with the aim of exiting with two buy-to-let mortgages and getting the two separate units onto the rental market as quickly as possible.
Sam O'Neill
Bridging loan calculator
Your Borrowing
Loan Required
Property value to be used as security*
Do you have any current charges on the property(s)?*
*Such as an outstanding mortgage or current bridging loanOutstanding charges /mortgages amount
Last Step - Get a bespoke quote
Your Borrowing
Loan Required
Property(s) Value*
Do you have any current charges on the property(s)?*
*Such as an outstanding mortgage or current bridging loanOutstanding charges /mortgages amount
Your Loan Quote
Loan Required
£50,000
12 MonthsMonthly Interest Rate
£40,000
£40,000
£40,000
Loan Term
12 Month(s)
Your LTV
72%
Your Loan Costs
Valuation fee:
£690
Solicitor fee:
£1,440
Lender facility fee @ 2%:
£1,029.42
Admin fees:
£155
Our Arrangement Fee:
£495
Total Loan Cost:
Yes
Yes