Equity raise, Devon
The borrower is using the funds to release equity to purchase an additional investment property.
Amount Funded:
£93k
PRoduct type:
Residential Bridging
Term:
12 months
property:
Air BnB
exit:
Refinance
We completed this deal 12 working days from application! The borrowers are experienced property professionals. The property is a high-spec barn conversion house with five bedrooms and surrounding land. It's in great condition, with solar PV panels on the roof, south elevation, and battery storage for surplus electricity generated. The house is located in Devon, in a rural location, but within driving distance to local amenities in Tiverton and Exeter.
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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.
