In this case study a conventional Buy-to-Let mortgage could not be attainted as the property did not yet have a kitchen in place.
Term: 12 months
The borrower in this case was looking for a loan to acquire a two storey mid Victorian terrace house. The previous owner had started renovation works to the property, but had come across financial difficulty, and was unable to finish the works. The property was situated in the sort-after residential area of East London, close to railway stations and the Westfield shopping centre, a hugely popular location given the improvements the area has seen since the London 2012 Olympics.
Despite the borrower being an experienced property developer, concentrating their property purchases and refurbishments within a very tight location, they were unable to attain a conventional Buy-to-Let mortgage on this occasion.
The case was introduced to LendInvest by a broker who we’ve worked with previously. The broker and borrower have also worked closely together on several property projects over the years which cemented the credibility of the loan application. The borrower was able to provide examples of successful projects of this nature as well as verification of funds to undertake a full refurbishment of the property. Based on the evidence received, LendInvest were able to provide the funding required for the borrower to acquire the property.
It was the borrowers intentions to sell the property on completion of works and after all costs achieve a gross profit of circa 20% of initial purchase price. In this case, the exit strategy was to refinance or sell the property.
The borrower commented on the case stating that:
“LendInvest were quick to understand my requirements and more importantly were able to perform in completing my request and providing funds to enable me to complete on this transaction. I would certainly use them again, should the need arise”
In this case, LendInvest’s diverse funding base allowed us to provide a bespoke solution to fulfil the finance needs of the borrower. We offer the most competitive interest rates of any bridging lender.