Light refurbishment bridging loan to finish a self build
This wasn't a heavy-hitting amount of finance that was needed, but it was such an admirable building project being undertaken by a determined young owner-builder that it was a pleasure to be able to source the finance that would get him over the line.
The Scenario
Our client is an ambitious 32-year-old self-employed bespoke car parts finisher who was building his own home.
Living with his parents, and making £70K a year from his business, he’d saved enough to buy his plot of land (for £120K) and get his house built to wind and watertight stage (approx. £100K in build costs).
He now needed £100K to do all the interior works to finish the build, and complete the necessary landscaping.
This wasn’t the easiest finance to set up: a lot of lenders aren’t comfortable with the regulated lending (because it’s his own home) on a project like this.
Others would look at the remaining works to be done and class it as a heavy refurbishment (on more expensive finance), or a partial development.
And some of them will be wary of a self-build, because they think the owner’s going to take longer and do the work to their own taste and more exacting standards than a developer who’s using a standard design and materials and getting the job done as efficiently as possible.
The Solution
We took this application to a lender we do a lot of work with, who has a light refurbishment bridging loan product that would work well for this project.
They valued the shell property in its current state and location at £350K, and were happy to put up the finance required at 0.54% a month, for a maximum 12-month term.
Our client aims to have works completed within six to eight weeks, and refinance out of the bridge on a standard mortgage, with a capital raise to repay himself for some of his time and labour.
More about our bridging loan service
Simon Mullins
Finance Broker CeMAP
Cardiff
0117 959 5094
Are you looking for a similar type of property finance?
As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.
Paige Dumpleton
Finance Broker CeMAP
Cardiff
0117 959 5094
Are you looking for a similar type of property finance?
As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.
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Cardiff
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Alex Morris
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Bristol
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Scott Dutfield
Finance Broker
Cardiff
0117 959 5094
Are you looking for a similar type of property finance?
As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you
Carly Cheeseman
Head of International
Bristol
0117 457 9922
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Nick Kerley
Finance Broker
Cardiff
0117 959 5094
Are you looking for a similar type of property finance?
As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.
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Cardiff
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Senior Finance Broker
Cardiff
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Bristol
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Finance Broker
Bristol
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Mathew Phillips
Senior Finance Broker
Bristol
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Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.
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Senior Private Client Adviser
Bristol
0117 403 4324
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Sam ONeill
Senior Finance Broker
Bristol
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