Case Study - £150k home refurbishment bridging loan

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.