Area: Frome, Somerset
Loan amount: £1m
Our client, a property developer based in Bristol, was looking to purchase a property in the desirable area of Frome in Somerset with the aim of selling the property on at a profit. The property itself was in a state if disrepair and required some heavy refurbishment to take place prior to sale.
As the client did not have sufficient funds or capital available themselves to fund the purchase and refurbishment, they tried a number of high street lenders, but were still unsuccessful – the high street lenders being reluctant to lend against complex scenarios such as this.
The client approached One 77’s Specialist Lending team who were able to source a short term finance solution through a bespoke lender in order for the client to take the project forward.
We were able to quickly raise £740,000 that was used as the initial purchase of the property, and then secure a further £260,000 in order to fund the major refurbishment works needed. In addition, due to our close relationships with our lenders we were able to negotiate an interest rate more suited to a light refurbishment project – therefore saving the client money.
We were able to secure the loan quickly and the funds were received by the client shortly after, allowing them to complete the purchase of the property and undertake the refurbishment project with no delay to his timescales. The refurbishment was completed on schedule and the client was able to sell the property at a significant profit to a buy-to-let investor.
Do you require bridging or development finance? For our full range of specialist finance options and products, or to talk through the viability of your project and the funding options available, call our Specialist Lending team on 01249 474956.