Our client recently purchased her first residential property. The house was purchased for cash and included a detached barn which she wanted to convert into holiday apartments to let out. Our client had some basic knowledge in the building industry but little demonstrable experience of actual residential development, which mainstream lenders list as a key requirement before funding.
Through our contacts, we secured a lender willing to accept the clients lack of experience. This lender also advanced in stages, 100% of the development finance needed to complete the renovation project. Due to the clients highlighted lack of experience we helped to introduce her to known local “fixed price” property development specialists such as solicitors and builders whom the client used to enable a smooth transaction from receipt of funds to completed project.
UK Property Finance kept in regular contact as agreed with our client throughout the project and the knowledge and experience of our staff helped to ensure the project kept on track throughout, on budget and time-frame.
Upon completion of the project the title was split and we secured a long term commercial buy to let mortgage which will be funded by the income generated from the holiday rental business.