£720k HMO Mortgage For A Listed Building In Bristol - October 19, 2018

Area: Clifton, Bristol

Loan Amount: £720k

St_Paul's_Road,_Clifton,_Bristol_-_DSC05776An existing client with a portfolio of high-end properties across the South West contacted us when they wished to add to their portfolio with the purchase of a Georgian terraced property in the desirable location of Clifton in Bristol. Due to Clifton’s excellent location to Bristol’s university faculties, they considered the property to be ideal as a HMO (Home of Multiple Occupancy) for medical students wishing to reside in the area. However, in order for the property to be fit for purpose as a HMO, an amount of refurbishment and reworking of the interiors was needed.

Due to the nature of the property as a listed building the client found that the lenders he approached were reluctant to lend him the necessary funds. The planning process can be very time consuming and extend a project’s end date by some time.

Prior to contacting us they had already contacted the local authority listed building department and had instructed an architect on the back of this – thereby confirming their commitment to the project with the council.

With no lender to go to assist with financing the project they contacted us and we were able to present the application, planning details and borrowing history to a specialist lender who was well versed to situations similar to the clients’ proposals. We were then in a position to issue a DIP (Decision In Principle) within a 48 hour timeframe.

The purchase was completed swiftly thereafter but the consent for the refurbishment works from the council was not so forthcoming, being received 3 months following completion. As our lender was renowned for working with developers and portfolio owners they were sympathetic to the delays that occurred and therefore once dated evidence was received extended their refurbishment conditions by a further 3 months to allow the client complete the works within the original envisaged timescale.

Are you in a similar situation? Are your mortgage requirements too complex for the high street lenders? Call our specialist team on 01249 474952 or complete the contact form below and we will be in touch.

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