Broker: Laurence Mills
Overview: Laurence Mills client needed funding for a part-built semi-commercial refurbishment and extension project. The plan was to renovate the existing building and add two new flats at the back, increasing the overall value and rental income potential.
Result: With the funding in place, Jason was able to get the project underway, boosting the property’s value and rental potential. The bridging loan provided the breathing room needed to complete the development, setting him up for a solid return on investment when he refinances onto a longer-term product.
Challenges:
- The property had a mixed-use classification, which meant finding the right lender.
- The client needed funds quickly to keep the project moving.
- The finance had to align with planning approvals and construction timelines.
Solution:
- A bridging loan of £312,000 was secured, giving the client:
- The capital needed for renovations and building the new flats.
- A flexible, retained interest facility to manage cash flow.