Latest case study for a sizeable £150k regulated bridge to help a client finish off works on a fairly large refurbishment project on their home.
Alex Doveston, BDM at Greenfield Mortgages received a call from Martin Rayner from Compton Financial. Martin’s client needed urgent bridging finance in order to complete the renovations on her new main residence. Although the property had been purchased months prior, alternations were needed to make the house suitable for the client on a daily basis.
Greenfield Mortgages arranged a £150,000 regulated bridging loan which enabled our client to fund the necessary refurbishments. The estimated value of the property once all works are complete will be £1.2m.
The net LTV was 25% and terms of 12 months were agreed with an interest rate of 0.85%. A first charge was taken on the client’s main residence. The loan facility will be repaid once two other properties the client owns in the background have sold.
Alex Doveston, BDM from Greenfield Mortgages commented on the deal saying:
“We immediately received a build cost schedule from Martin detailing what exactly the renovations work entailed; in light of this, we were more than happy to help assist.
Within 30 minutes of receiving the application form, an ESIS was provided and terms were agreed on the same day. The client agreed and was able to proceed immediately.
From the point of the initial enquiry, the client received their funds within 3 weeks which is a fantastic turnaround time.
A big thank you to Martin for being incredibly efficient with his dealing with the file. As a lender, this makes my job far easier and more satisfying when we are able to reach a very speedy and happy conclusion for the client and introducer.”
Martin Rayner from Compton Financial Services said:
“This was a complex case as it was a regulated refurbishment finance but with a loan too big for some lenders, too small for others or the lender could not do a regulated loan.
Greenfield were very responsive from the first call and made it easy for me to be able to place the case with them. They were also very helpful throughout the process to ensure that we could get this deal complete as quickly as possible and to get the funds to the client so that they can finish the work and be moved in for Christmas.”
If you are interested in similar home improvements or even full development / self build projects do get in contact and we can walk you through the process and let you know what finance deals might be available.
Email us on [email protected], call us on 020 8611 2521 or visit us at www.comptonfinancial.co.uk