Case study: Liverpool
Project completed: January 2020
An experienced developer with an impressive portfolio of successful residential and HMO buy-to-let let properties was seeking fast access to funding to secure the purchase of a residential property.
Located in a densely populated student area of Liverpool, the property was in poor condition. with Funds were needed to enable them to deliver on their plans to convert the property to an impressive HMO.
With the sale agreed the developer needed to secure the funds to complete the purchase. They also required additional funds to undertake a medium scale refurbishment in order to convert the property from 3-beds to a 6 bedroom student accommodation. The borrower was looking to complete the project within 6 months and then refinance on to a buy-to-let mortgage.
Given the track record of the Developer, Mint Bridging was able to provide a net advance for the purchase and to provide an additional £90,000 to meet the development costs. The development tranche included a 10% contingency. The term of the loan was 12 months with planned development draw downs, including sufficient time within the term for the developer to arrange their exit.
The purchase of the property went according to plan with works completed on time and no need for the contingency funds. The developer has now refinanced the property and the rooms are listed for Let and generating much interest already.
More and more developers are turning to Mint Bridging for our award-winning finance solutions. Speak to us today regarding your funding needs and to understand why our clients love working with us. With no restrictions on the level of experience required and extremely competitive rates, Mint Bridging is one of the most flexible lenders in the UK.
Do you need Development or Bridging Finance? Talk to the Mint Bridging team today: 0161 710 2006
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