Refurbishment and Refinance Using Bridging Loans
1st June 2021
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.
Information contained in our case studies is for market and illustrative purposes only. In some cases, these may be made up of multiple cases and are for illustrative purposes only.
Some case studies are made up of enquiries that have come into the business, not all business completes, and the posting of a case study does not represent a completed piece of business.
