£1.3m Bridging facility for holiday let acquisition and refurbishment project.

Scenario

A client contacted ourselves looking to purchase a high end holiday let property that was attracting a significant amount of interest.

The client required an initial £650,000 to acquire the property alongside a subsequent facility to carry out the necessary refurbishments. The client believed a GDV (gross development value) of £2m was realistic. 

Our process

We liaised with a myriad of lenders to secure the client the most attractive terms and to secure funding that matched the clients requirements.

After extensive discussions with multiple lenders, we settled on an established bank that specialised in bridging and offered the most attractive terms by a considerable margin. 

Result

Based on our relationship with the lender, we managed to secure market leading rates for this type of asset. The client was able to purchase the property and had access to an additional facility to maximise his return from the investment.