Heavy Refurb financed of an old farmhouse
Posted on 21st October 2022 at 11:07
Sector: Property and property development
Enquiry: We received a referral from a financial advisor to help a customer looking for finance for a heavy refurb. The old farmhouse was dilapidated, having been abandoned almost 20 years ago – there were trees growing through the floor, broken windows, wild weeds covering the exterior ... it really wasn’t in the best state! This was going to be a heavy refurb, no doubt about it.
Solution: We were able to source a lender who would happily lend for this project. There were a number of obstacles along the way – the current economic and political conditions, the rising cost of materials, supply chain issues, constantly changing rates, structural concerns to the building and on top of that a purchaser who lived abroad!
The funder was able to give our customer the maximum day 1 amount, leveraged against the security as well as 100% funding for the works.
We are definitely excited to see the ‘after’ for this one!
Product: Heavy Refurb Finance £480,000
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