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Bridging Loan For London Landlord – For Refurbishment And Paying Off Mortgage

£653K Islington

Our client had lucrative development plans, yet he needed first to pay off his mortgage - we secured bridging finance quickly, allowing our client to resolve both issues and get his project underway.

The Scenario

We were approached by a high-net-worth individual, a London landlord looking to develop his Islington property. 

  • The property was semi-detached, part of a gated development, and he wished to split the property into two buy-to-let maisonettes.
  • The residency had been valued at £1.2M initially, and the intended development would add two stories above; creating two separate BTL properties - increasing the total site value in this rental hotspot to £2.5M

However, the issue remained that our client needed to repay his current mortgage to be able to split the title and successfully fund his development project.

He would need £653,000 to repay the mortgage (which was £553,000) and then put the remaining capital towards development works for his prospective BTL properties.

The Solution

In this case, we were able to secure the finance he needed quickly and efficiently. We got our client bridging finance of £653k within five days; a speedy turnaround from his initial enquiry to getting the money in hand. 

  • Through our extensive network, we found our client the right lender offering a favourable 0.5% monthly interest rate.
  • He was able to pay off the mortgage on the initial property
  • Then split the title into two separate properties as BTLs
  • With the remaining cash, he could begin development works on converting the maisonettes and get the project underway
  • All of this through bridging finance – to then be repaid at a later date through the proceeds of his two new rented properties (an investment which effectively doubled the site value to £2.5M)

Working with our specialist brokers, he successfully secured bridging finance that covered his initial goals. 

We can package an individual-specific case and offer it to lenders in a way that people may be unable to do themselves – without access to suitable lenders, it can be challenging to source this level of finance.

He could finally begin converting the property into two BTLs and pay off the remaining mortgage. Moreover, given the property’s location in London, it was an especially lucrative venture that he would have otherwise missed out on if he couldn't have secured fast, flexible finance. 

Simple & easy
short-term finance

Whatever you need your next short-term finance loan for, we’ve got you covered. Let our friendly expert team find you the perfect tailor-made solution.

  • Upsizing
  • Downsizing
  • New Build
  • Investment
  • Refinancing
  • Renovation
  • Commercial
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