Case study: Using bridging finance for a refurbishment in Hull
Loan value: £126,750
Purpose: Purchase and light refurb of property in Hull
Experienced Buy-to-Let landlords approached us for funding for this property in the coastal town of Withernsea, near Hull.
They wanted to add this property to their portfolio but it wasn’t in a lettable condition having fallen into disrepair, something which was reflected in the purchase price of the property.
Before refinancing onto a Buy-to-Let, they wanted the funds to purchase and renovate the property at a cost of about £12,000, the refurbishments they would do themselves.
Given their experience of this type of project, previous successes as landlords and the potential for the improvement works to increase the value, we were keen to support them.