Bridging loan case study
Refinanced Bridging Loan Secured for Pub to Residential Conversion
Discover how ABC Finance bridging loan experts helped this client refinance aan existing bridging loan for a property conversion.
The loan
Location
Wales
Capital raised
£240,000
How funds were spent
Commercial pub to residential property conversion
The request
This client approached us for help to convert a former public house with planning permission into two semi-detached residential properties.
He was already using a standard bridging loan which he had used to purchase the site, however he was short of funds to complete the project.
The loan to value ratio meant that we were unable to raise enough for this, which posed a problem.
The solution
We sourced a product to provide an initial day 1 net loan of £150,000, which was enough to repay his current bridge and provide a small surplus on top. The product also had a retained facility of £90,000, based on GDV, which gave him enough to complete the project.
In order to obtain sufficient funds to complete the project, we had to source a lender that would offer a retained facility based on GDV rather than simply lending to current valuation
1.1% interest rate per month, 2% lender arrangement fee.
Lee Hemming
Sales Director
Talk to Lee about refinancing a bridging loans
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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