Recenty renovated residential investment property needs short term funding
- Location: Yorkshire
- Amount Required: £125,000
- LTV for entire deal: 35%
- Sector: Refinance
LTV represents Loan To Value, where Value is an up to date valuation of the property involved and Loan is the total amount to be lent to the borrower, including the Investor's loan.
Clients are a Not For Profit Limited company with growing property portfolio and who are building a strong rental income with local council support.
They have acquired this property from a Housing Association and spent their own working capital to renovate and repair to create 6 high-standard self-contained units. These are now all tenanted and producing income.
The property has an indicated value of £360,000 and is unencumbered. The client are looking to release cash to replace working capital and to allow renovation of another property in the portfolio. Client is able to support interest payments for the period of the loan. Looking for a 6 month term whereby exit can be raised via formal commercial mortgage or Buy to Let once income stream has been proved.
They are offering a FIRST charge on the security.
