Bridging Finance Solutions has agreed to support the final stages of build for a central London ‘forever home’.
The husband and wife team had sold their previous home, retaining a section of the garden on which to build their dream property. The development was partially completed having reached wind and watertight stage, however, the self-builders needed to secure a further £370,000 in order to complete the scheme.
Having achieved the main superstructure, it was essential that the couple continued to push ahead and remain on schedule, ensuring contractors stayed on-site to complete the job. Securing a traditional mortgage was not considered viable as the scheme was only part-finished, however, the client will switch to a traditional form of lending upon completion.
Rebecca Myers of Bridging Finance Solutions commented: “As with many of our clients, the scheme had reached a certain point and funds had depleted, therefore final borrowing was essential in order to complete the works. This is a great property, in a brilliant position and there is undoubtedly a large amount of equity in the build to secure the loan against.
“Time frames were important and all parties needed to act quickly. This was achieved by continuous updates between the client, broker, solicitor and ourselves who together secured the deal within the necessary timeframes.”
The value of the loan was £370,000 and the current value of the scheme is £900,000, with a GDV of £1,600,000.