BFS has agreed to fund a development project in Penzance, Cornwall, transforming a dilapidated barn into a modern three bed home.
The disused barn sits on a parcel of land already owned by the farmer occupant whose son is set to now bring it back into full use following the development programme.
The barn was gifted to the son by the father and farm owner. Upon completion of the scheme, the client will exit the development using a Buy to Let mortgage, renting the home and securing additional income from the property. The loan was required to develop the barn in a phased approach.
A development finance loan of £291,000 was secured – upon completion the barn is expected to be value at £485,000.
Rebecca Myers of Bridging Finance Solutions explained: “Barn conversions can be notoriously complex, however, we do have experience in this niche area of the market and where able to use our background and experience to drive this forward successfully.
“We worked closely with our repeat introducer, the client and the solicitors to achieve completion on the barn. The nature of the scheme meant that an open line of communication with the quantity surveyor, and all other parties, was essential and team work really was the key here.”