Cranbourne Road, Liverpool
Funding to complete: August 2020
The developers are specialists at developing HMO properties either in the form of a refurbishment of an existing HMO or their preferred option which is a HMO conversion. They operate across the North West of England and have a large portfolio of properties with HMOs one of their main go-to market offerings.
The property was purchased at auction with the intention of converting from a terraced property into a 6 bed HMO. The client required a loan amount of £146,250 based on an LTGDV of 65% with the view to having works complete and the property on the market to let within the 12 month repayment period they required.
Mint was approached to fund the development as they are an existing client who we have previously provided funding for. The developer is very experienced with a firm grasp of timescales, deliverables and management of their projects. On receiving the clients draft loan submission they received an agreement in principle within the hour. Based on the expected completed rental returns, the 1st charge placed on the property by the borrower the loan was written at speed and funds were available for drawdown within 12 working days.
Working with the developer, Mint has devised a program for development which applies tranches of multiple development funding which provide the developer with both substantial funds with an added contingency for additional security.
Should you require any development finance for a new or upcoming project then contact Mint today to discuss your needs or alternatively submit an eligibility check to determine your level of funds.