loans for large scale renovation projects

Finance for large scale renovation project

17 / 01 / 22

Location: Thornton Heath, Greater London 

Date: August 2021

Property Type: Degraded city property

Auction Finance Value: £342,000

Overview

After purchasing a Greater London property that had fallen into poor condition, a borrower turned to Velocity Bridging for assistance in providing the finance needed to complete the purchase.

Service

We had to be confident that the borrower would increase the value to a point where we could be comfortably exited, and upon a property review, we felt that was the case.

We provided a gross loan of £342,000 representing 90% of the auction purchase price. This sits towards the higher range of auction finance that we are able to provide, with our minimum set at £100,000 and maximum at £500,000.

Impact

The property was on the verge of being derelict but the borrower invested significant funds into making the property a habitable and attractive place of residence. The borrower’s plan was always to purchase at auction at a low price, renovate the property and then refinance onto a BTL product. The property is now part of a growing rental portfolio in the area.

Learn more about our auction finance and bridging loan products by clicking the appropriate links for you.




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