
Short-term finance to complete Lancashire barn conversion
The Scenario
We were called in at the end of this self-financed barn conversion development, to arrange short-term finance that would cover the last four months to get the two adjoining dwellings from first-fix to completion.
The mum and dad had bought the barn on a hilltop outside Stockport two years earlier for a bargain £275K. Their plan was to convert it into two handsome 3-bedroom homes: one for themselves, and the other for their daughter and her partner.
The father is an experienced property developer who had funded the project to this stage. But now they needed a final cash injection of £90K to get the kitchens and bathrooms installed, decoration and landscaping work completed, plus repay £100K to the father’s company.
The Solution
The daughter and her partner were currently living on-site in a static home: we needed to get them into their barn as soon as possible.
The properties were wind and watertight, which was a bonus, and in their current state were valued at just over £400K each. When completed their GDV was projected to be more than £600K each.
Setting up the lending took a little longer than usual, as there were four signatories who didn’t live together, but we got it arranged in time for them, for a competitive 0.78%.
Jack Spillane
Finance Broker
Bristol
0117 959 5094
Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need.
Mathew Phillips
Finance Broker
Bristol
0117 959 5094
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.
Alex Chambers
Senior Finance Broker
Bristol
0117 403 4324
Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.
Luther Yeates
Senior Finance Broker
Bristol
0117 244 5561
Are you looking for a similar type of property finance? I have extensive experience finding residential and investment property finance for UK and international clients. Please get in touch and we can arrange a time that's convenient for you to discuss your situation.
Sam ONeill
Senior Finance Broker
Bristol
0117 959 5094
Is your situation similar? I am a bridging finance specialist at Clifton. I can find a quick, cost-effective solution for the funding you're looking for.
Robert Gibb
Senior Finance Broker
Bristol
0117 959 5094
Are you looking for mortgage or short-term finance for residential or buy-to-let property (including HMOs)? I have extensive experience in finding property finance solutions for UK and international clients, both as individuals and limited companies. Please give me a call and let me see what I can do for you.
Adam Arnott
Associate Director
Bristol
0117 205 0214
Is your situation similar to this? I have extensive experience of advising clients who need creative property finance solutions. Please get in touch and we can arrange a time that suits you for a detailed discussion of your requirements.