This week we completed two facilities for a repeat borrower, secured against one property, totalling £880k.
The client wished to purchase a site that was historically a mixed-use property on a vibrant street in Balham. Vacant at the time of purchase, the client set about converting the property into two flats: a 2-bed garden flat on the ground floor, and a 3-bed duplex on first and second floors.
The borrower was able to fund light refurbishment works on the upper floors, but further funds were needed for the ground floor conversion, which Lendhub gladly stepped in to provide.
We agreed to break the facility into two loans, allowing the borrower to execute the refurbishment works at their own pace, and saving them money on monitoring costs.
The first facility, a simple bridge for the flat above, totalled £415k and was agreed at 75% LTV. The second comprised a £465k light refurbishment facility for the conversion downstairs, agreed at 75% LTV and 66% LTGDV. Both facilities are on a 6-month term.
Asim Shirwani, Chief Commercial Officer, comments: “I am proud to say we pulled out all the stops for the borrower on this one and catered to their every need, which we were able to do thanks to the flexibility offered by our multiple funding sources and our team of property finance experts”.
“At Lendhub you are guaranteed the best possible customer service and a certainty that we can lend on the terms promised to you. It was a pleasure to welcome back this borrower and help them realise their investment opportunities quickly and seamlessly”.
