A retired client was keen to sell his North London terraced property for maximum value, requiring short term funds to modernise and move on.
The three bedroom mid-terrace dwelling had fallen into a state of disrepair, however, due to his age, the client was unable to secure main stream funding, essential to make the necessary investment and realise the maximum profit.
BFS was able to support the client with the short term loan of £64,000 which would be used to bring the property up to date and in line with modern needs and expectations.
Becky Meyers of Bridging Finance Solutions explained: “There are many factors that prevent our clients from securing high street lending including age. Although there is 100% equity in the property, most lenders would consider the clients age and reject the application without further investigation.
“For us, we are able to look at the bigger picture and consider the applicant in more detail. The loan will allow the owner to make the necessary improvements which will open the market up to a wider audience and secure a higher price.
“With a previous value of £475,000 and with a spend of just over £60,000, the property will be marketed at £600,000, giving the client around £50,000 additional profit.”
