Bridging loan case study
Bridging Loan Secured for HMO conversion and refurbishment
Discover how ABC Finance bridging loan experts helped this client with adverse credit secure bridging finance for a property refurbishment and HMO conversion.
The loan
Location
Manchester
Capital raised
£25,000
How funds were spent
HMO conversion and refurbishment
The request
Our client was out of work and owned a vacant buy to let property in need of modernisation and conversion to a HMO before being able to re-let and generate income.
The loss of income had also meant that he was struggling to meet monthly commitments.
As such, the client needed to raise funds quickly, rolling up interest to ensure monthly costs remained at a minimum during the HMO conversion.
The solution
We were able to raise the £25,000 quickly. This meant that he could complete the refurbishment and uplift the EPC, meaning that he could find new tenants and begin to generate income while he found new employment.
He also used a small portion to catch up his arrears. Upon receipt of the loan offer he was able to find a builder who could start work immediately.
When the refurbishment is complete we’ll refinance the loan onto a HMO mortgage.
£1,000 lender fee, 2.5% per month interest rate.
Lee Hemming
Sales Director
Talk to Lee about bridging loans for HMO conversions or refurbishment
If you’d like to find out how ABC Finance can help you finance any type of bridging loan, get in touch with Lee today.
Lee Hemming is a specialist bridging loan advisor at ABC Finance with years of experience arranging the right finance solutions for our customers. Call, email or contact ABC Finance today to learn more.
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