Case study 5

Situation: First Time Landlord purchase, refurb and refinance. 

A customer came to us looking to purchase a property on a reduced value, carry out some light refurbishment and then refinance to a buy to let mortgage once the property had achieved the enhanced value.

The property was being purchased for £100,000, customer was looking to spend around £10,000 to replace the kitchen, bathroom and decorations throughout and refinance using the post-refurbishment value of £135,000. 

 

Solution offered by Crystal Bridging Loans: 

Given the fact that there were two layers of financing needs involved, we sourced a lender that offered 75% towards purchase price.  Given level of works being light refurbishment and the approximate time to complete the works, the same lender offered to refinance 75% of £135,000 once works had been completed.  This gave the customer a total capital of £101,250. This in essence meant reimbursing the customer funds spent on refurb and allowing them to move onto the next project.

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