We were recently able to help our client, a first-time developer, who found a property on an online auction.
The property, near Halifax, was partly completed and needed some renovation works to be finished as the initial developer pulled out of the project. The property is ideal for investment, having three bedrooms and sitting in a generous plot of land, and it is expected to be much sought after on the rental market.
Through our network of lenders, we sourced loan for £120,000 over nine months to enable our client to acquire the property, with the exit being to refinance on to a buy to let mortgage. To help fund the renovation works the customer sold one of his other properties to release money to complete the project. Gross Development Value was £235,000 with an excellent opportunity for rental.