The first facility, a medium refurbishment loan totalling £940k, was confirmed at 70% LTV and 68% LTGDV on a 12-month term. The borrower sought to purchase a property consisting of five flats in Reading, before carrying out refurbishment works to convert the property into six 1 and 2-bed apartments along with a double storey rear extension.
We also recently completed a second medium refurbishment facility for £830k, which assisted another repeat borrower with the purchase and refurbishment of a 3-bed mid-terraced house in Hornsey, North London. This facility was confirmed at 75% LTV and 66% LTGDV on a 12-month term. Following refurbishment works the property will feature five double bedrooms and four bathrooms, totalling 2000 sq. ft, complete with a rear extension, side extension, and a double dormer loft conversion.
The third facility comprised a light refurbishment loan worth £370k. This was confirmed at 48% LTV and 56% LTGDV on a twelve-month term. The returning borrower required funds to purchase and refurbish a 4-bed terraced freehold house in Newhaven, Birmingham, into an 7-bed HMO.
Tyrone Alexander, BDM at Lendhub, comments: “On behalf of myself and my colleagues who worked on these deals, I’m proud to have been able to assist our clients in realising their property investment goals.”
“It has been an exceptional Q1 for Lendhub and it's great to see the property market picking back up. Thanks to our speed and efficiency, paired with the reliability and certainty of our funds, we see clients returning to Lendhub time and time again, and I very much look forward to seeing these projects come to life."
