We at Lendhub are pleased to have facilitated the refurbishment of this stunning Grade II listed building in the centre of Dudley, West Midlands.
We provided a Refurbishment facility of £910,000 at 75% LTV and 63% LTGDV, on a 9 month term, for the refinance of an outstanding loan and to fund the remaining works needed to complete the scheme.
The subject property has a very interesting layout that dates back to 1885 and comprises a six-bedroom Georgian dwelling, a two-storey coach house, and a garage with a first floor reception. A ground floor link room connects the main house with the coach house and garage.
Lendhub’s star origination team of Tyrone Alexander and Charlotte Rayson along with Credit Managers Hattie Hall and Tom Williams worked closely with Positive Commercial Finance's John Waddicker whose expertise and support enabled the Lendhub team to get this deal over the line with ease for our client.
The borrower – an experienced property professional – plans to use our refurbishment facility to complete the works being done to convert this unique property into 11 one-bed flats, and will exit through either refinancing or selling the units and we can’t wait to see the end result.
John shared some words on his experience working with Lendhub: “My client was delighted with the recent stress-free completion and in a relatively short timeframe. With the refinance of part-complete developments we often encounter residual valuation hurdles, but Lendhub’s “can do” attitude really did facilitate a smooth transaction. The fact that there were no issues throughout the process was testament to the pro-active nature of the whole team. Thanks to Tyrone and all at Lendhub.”
