Area: Brixton, London
Loan amount: £225k
The client, who lived in South London, was undertaking a full renovation of her main residence in Brixton. At the time the kitchen and bathrooms had been torn out, making it uninhabitable.
Our client had contacted her bank for a further advance on her current mortgage, however because the property was presently in an uninhabitable state they were not willing to supply any additional funding to her.
She contacted our Specialist Lending department and following a fact find with one of our advisers we were able to secure funding for her to finish the work on the property by offering a short term lend that sat behind the existing mortgage charge. Once the property was fully refurbished and habitable again we simply remortgaged the client out with a high street lender, thereby repaying the loan.
Do you require second charge finance, or and other specialist finance? For our full range of specialist finance options and products call our Specialist Lending team on 01249 474956.