Bridging Finance Solutions has supported an independent developer with the upgrade and modernisation programme of a large Victorian terrace property in Oswestry, Shropshire.
The client had identified the property, which he later purchased privately, as an ideal conversion and had factored a bridging loan into outline costs, recognising that a traditional high street loan would be impossible due to the condition of the property.
A loan of £85,000 was agreed by BFS to part support the purchase price of £100,000 and allow for extensive building and renovation works. The property had previously been owned by an elderly gentleman some three years earlier, and since tenanted by hoarders who had overloaded the property and left open to infestation.
The client is a seasoned developer who has used bridging several times in the past. He explained: “Bridging formed an important part of this project in terms of planning and I had built the loan and all associated costs/fees into the financial projection. BFS was recommended to me by a commercial broker and I have had a fantastic experience working with them.
“I received an agreement in principle within 24 hours of application and the process moved along incredibly quickly. I also felt their fees to be extremely competitive compared to other bridgers I’ve used in the past. I’ve now secured the purchase of the property and have begun the mammoth task of removals and refurbishment and will be looking to make further drawdowns in the coming months.”
He added: “I’ve since had the property revalued and already the market value has increased to £170,000 with an anticipated completion of between £240,000 – £250,000.”