A husband and wife team are now underway with the transformation of a 1970’s property in Kirby in Ashfield, Nottingham, with a development finance loan from BFS now in place.
The clients had inherited the large detached property, and had begun to strip it back to its shell, which meant that a normal mortgage would not be obtainable to carry out works as it was considered no longer habitable.
The client’s also had some previous credit issues with a late payment, therefore lender options were limited. The professional couple requested a £135,000 development loan to complete the works at which point the property would be valued in the region of £250,000.
Rebecca Meyers of Bridging Finance Solutions explained: “High street lending is led largely by automation and once the details of the deal where added into the system, most high street lenders simply would not support this proposal.
“We take a more human approach to each scheme and could see here the challenges faced and were satisfied that the property itself would ultimately guarantee the loan.
“We worked closely with all parties to get the deal over the line and ensure that the clients could complete the project and sell on.”