Auction purchase, Feltham
Quick auction purchase just before Christmas...
Quick auction purchase just before Christmas...
Amount Funded:
£300k
PRoduct type:
Auction Bridging
Term:
12 months
property:
Mid terraced house
exit:
Refinance
The borrowers have a wealth of knowledge and extensive experience, one being from a longstanding career in an estate agency, and the other from a mortgage broker background. They are adding this property to their joint portfolio. The property is a two-bedroom mid-terrace house with off-road parking and a rear garden in a desirable location that has a high population density, good transport link and access to employment opportunities which will attract tenants. The property requires modernisation with the potential to extend.
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Amount funded
£1.6m
PRoduct type:
Commercial Bridging
term
7 months
property:
Commercial office
exit:
Refinance
Commercial Bridging
The funding supported the acquisition of a strategically located semi-commercial asset in Birmingham, giving the borrower the flexibility and speed required to purchase the property prior to setting up development finance to undertake the proposed conversion works. The borrower plans to transform a former office building into a high-quality residential block of flats comprising 75 apartments, including 42 x 1-bedroom and 33 x 2-bedroom units. Full planning permission has already been obtained before completion, enabling the borrower to move forward with the next phase of the project.
