A part completed barn conversion sold on during mid-development stage, has been given the green light following confirmation of property conversion finance via Bridging Finance Solutions.
Set in a picturesque location in Rivington on the outskirts of Chorley, the original conversion had become too large a project for the elderly owner to complete and he was forced to sell.
The property includes 5 bedrooms and occupies an area of some 2,800 square foot. Upon purchase, the property was only up to first fix stage in places although wind and water tight.
This meant that a traditional mortgage would not be possible and alternative funding necessary. Funding from BFS has been used to acquire the building itself and 100% of the build costs through to completion.
The total facility of over £500,000 was secured and the end value of the barn will be circa £750,000.
John Hardman, Head of Sales at Bridging Finance Solutions explained: “This was an unusual project in that the building was part-finished. The previous owner had not put down a satisfactory slab when it was inspected and this had to be removed and replaced at a cost to the client.
He added: “Initially, this threatened the deal and the client’s potential dream home, however, BFS worked with both clients to ensure we could still cover the entire build program and the funding was able to go ahead.
“At BFS, we pride ourselves on our flexible and people-first approach. This case really does typify this notion and I’m pleased to say that the project is now underway.”
Front elevation of barn conversion project
Left hand gable extension of the barn conversion property
First floor of the barn conversion project. Finishes being stripped by contractor.