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Refurbishment and Refinance Using Bridging Loans

1st June 2021
ASSOCIATE DIRECTOR

Tom O’Brien

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Bridging loan for refurbishment and refinance
Tom O’Brien
ASSOCIATE DIRECTOR

Tom O’Brien

Key facts:

  • German National, UK resident
  • £1,900,000 property value
  • £1,425,000 loan
  • Townhouse in Pimlico
  • Margin 0.75% per month
  • 2% arrangement fee
  • 12 month term

In this case, we were approached by a German national working in investment banking. The client had purchased a Pimlico townhouse at auction for £1.9m with full refurbishment required, for which he needed a 3-week completion.

Bridging finance is a brilliant solution for clients who want to complete a refurbishment on a property before selling it or refinancing it. Using our expertise and connections, we secured a competitive mortgage rate of 0.75% per month with a 12 month term. The completed works increased the property value to £2.5, and the property was eventually refinanced as an investment mortgage with Coutts.

Whether you need to refurbish and renovate a space, wish to purchase a property before an expected cash influx or wish to buy another property before your old one has sold, a large bridging loan could be used to help you achieve your goals.

Enness has a clear history of using large bridging finance creatively and innovatively, of finding solutions for clients who have been unable to solve their issues elsewhere. 

If you are currently looking for a bridging loan broker and feel you would benefit from further advice, we would be delighted to assist you.

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