Refurbishment bridging loan increases property value for BTL investor
When a BTL investor was refused a vital advance on his property for refurbishment works Holme Finance Bridging Solutions (HFBS) stepped in to fund what the mortgage lender rejected.
Determined to complete the work, and quickly sell the property, the investor’s broker approached Holme Finance Bridging Solutions (HFBS) to approve the much-needed £50,000 funding to complete the required refurbishment.
Dan Yendall-Collings of HFBS commented:
“The investment property had been let for many years and was in a very shabby state, but the valuation confirmed that making various improvements to the property would significantly increase the value by around £100,000.
This feedback provided us with the confidence to go ahead and approve the funding.”
HFBS received the application on the 6th September and completed the funding in seven working days pending receipt of the mortgage lender’s redemption statement.
HFBS were able to follow the existing BTL mortgage with a £50,000 second charge at 1.1% per month agreed with a 12 month term due to be repaid earlier pending property sale.