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.
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.
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