Bridging loan case study
Second Charge Bridging Loan Secured for Buy to Let Property Refurbishment
Discover how ABC Finance bridging loan experts helped this client with adverse credit secure a second charge bridging loan for two buy to let properties.
The loan
Location
Yorkshire
Capital raised
£20,000
How funds were spent
Property refurbishment
The request
Our client needed £20,000 quickly to allow her to refurbish 2 buy to let properties before sale, one having been left in a poor state by a tenant.
She had recent adverse credit due to the tenant not paying rent or bills and refusing to leave the property.
The client also had little to no upfront funds for a valuation or legal undertaking. To add to this, her first charge lenders would not grant permission to any second charge borrowing.
The solution
We were able to raise the £20,000 via an equitable second charge bridge against one of the buy to lets valued at £140,000. The lender also agreed to carry out an automated valuation at no cost and add the legal fee to the loan.
Upon completion of the works, the properties would be sold for profit.
£800 lender fee, 2% per month interest rate.
Lee Hemming
Sales Director
Talk to Lee about second charge and property refurbishment 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.
More bridging loans
Bridging Loans
Fast Bridging Loans
Property Refurbishment Finance
Read more about bridging loans
Bridging Loan Costs
Using Property Refurbishment Finance to Increase Your Property Investment Returns
