BRIDGE PURCHASE & DEVELOPMENT LOAN OF THREE BARNS FOR BTL CONVERSION
13.01.23Client details: First-Time Developer
Property details: Three outbuildings/barns
Reason for finance: The client exchanged contracts on a new primary residence purchase with a plan to simultaneously split land/tile and acquire additional land
Challenges: The planning conditions had to be amended as they only allowed for Holiday Letting . The development lender wanted ordinary BTL usage to be approved. The client put forth a GDV that was too low on the site for which the initial lender refused lending POST valuation as not enough profit
Solution: We worked with a new lender to quickly transact, accept a retype and previously instructed reports with a site revisit to revalue upon a change in development scheme and costs. The client completed on the purchase of the outbuildings in December 2022 with amended planning passed. We then negotiated a higher day 1 net advance from the lender, purely on strength of relationship with the lender – as this was outside of their initial agreed/max lending to assist with clients cashflow. Development funds will be in hand before end of Jan 2023
Written by Savannah Dewhirst
Savannah joined Coreco in 2020, where she became part of the Client Services Team. After a year of Client Services, Savannah expressed an interest in Social Media and wanted to transform Coreco’ s socials. Savannah then became Coreco's Social Media Queen and fulfilled the role until most recently becoming Marketing Executive. Savannah also won Best Use of Social Media Award in the 2022 Mortgage Industry Marketing Awards!
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