This enquiry was from a regular introducer for one of their existing customers. The customers wanted to purchase a farmhouse needing full renovation. The property required £250,000 to renovate, which would create a 4 bedroomed detached farmhouse set in 2.5 acres. The purchase price was £920,000, with estimated sale price of £1.3 to 1.4 million.
The bridge was across 2 properties, the current and the purchase one, with an additional £70,000 required to finish an existing project, the current property would then be sold at £1.4 million, this will be the repayment vehicle for the finance.
As the customers would live in the property, Matt placed with a lender on a regulated bridge product and gave the advice to the customer. Matt would cover all regulatory requirements.
The lender was happy to take on a property which was derelict, needing full renovation and offered reasonable rates.
|New Mortgage||£1,119,066||N/A||0.75%||Regulated Bridge||50%||12 months|