REDEVELOPMENT AND EXTENDING OF HOLIDAY LET PROPERTY
06.01.23Client details: Private individual landlords – no experience
Property details: Development and Refurbishment Loan to complete a large extension and full refurbishment of the existing building.
Reason for finance: The clients required loan of £878,000 to complete their complex extension build and refurbishment of the property, which is to be used as a holiday let.
Challenges. As the intended work was complex, a build programme of up to 12 months was envisaged, and the start of the work was time critical to enable any disruptive works to be undertaken out of high season so that neighboring properties were not disturbed during this time
Solution: As the build programme has a maximum expected timeframe of 12 months, a term of 15 months was agreed upon with the lender to allow time for refinance with a loan facility provided to cover all build and contingency costs.
Special thanks: We want to offer special thanks to C&M Wealth – Sophie and Leigh were very responsive. They both worked extremely hard with ourselves, the clients and solicitors to ensure funding was completed at the earliest opportunity.
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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