Property purchase, Newcastle upon Tyne
Property purchase with the intent to refurbish.
Property purchase with the intent to refurbish.
Amount Funded:
£137k
PRoduct type:
Residential Bridging
Term:
12 months
property:
Semi detached house
exit:
Semi detached house
The borrower is an experienced property owner who has previously bought, renovated and sold properties. He is adding this property to his portfolio as another purchase and will carry out cosmetic improvements, which will increase the value by approximately £70k. The property is a two-bedroom semi-detached house on a cul-de-sac with a decent sized garden. The house is located on the Felling bypass, which allows an easy commute to Newcastle, Gateshead and the A19.
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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.
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