Broker: Laurence Mills
Introduction: Laurence Mills recently facilitated financing for a UK Ltd company owned by a Nigerian developer holding a UK work visa. The developer was looking to refurbish a semi-commercial property into a multi-tenant residential space. The developer was looking to refurbish a semi-commercial property into a multi-tenant residential space.
Overview: Sedulo provided a heavy refurbishment facility to support the conversion of the property. The funding package included:
- 65% Day 1 funding
- 100% coverage of build costs
This financing enabled the developer to transform the property into an 8-bedroom House in Multiple Occupation (HMO) and a self-contained 1-bedroom flat. The facility allowed the client to proceed with the project without upfront costs for the build, ensuring a smooth and efficient transformation process.
Objections Overcome:
- Foreign national borrower
- Rising build costs
- Reduction in GDV
- Unique planning conditions
Case highlights:
- Product – Heavy refurbishment loan
- Loan amount – £360,000
- Loan to value LTV – 65% LTV / 65% loan to LT GDV
- Term – 12 months
- Speed of delivery – within 6 weeks of application
- Exit strategy – Refinance to BTL HMO Mortgage