— Case Study | Refurbishment

Background

Our client had been granted planning permission to convert their London property into two flats. They planned to obtain a BTL mortgage and hold it as an investment after the renovation was completed, but required immediate funds to finish the conversion.

Problem

The property was suffering from structural damage that needed repairing. This resulted in a RICS valuation that noted that the property was not suitable for mortgage purposes.

Solution

We sent our construction team to assess the cost and time required to fix the structural issues in the event our client failed to. This inspection confirmed that the cost of repair was less than 10% and that the works could be completed in less than 4 weeks. On this basis we advanced a loan when other lenders refused to.

B2 services

Finance and construction advice

Outcome

The works were successfully completed enabling our client to refinance onto a BTL mortgage.

Value Uplift

Unknown (we didn’t execute the BTL mortgage so don’t know the new valuation)