Case Study

£960,000 Loan - Renovation of Existing Cottage with Major Timber Frame Extension with Cladding

Key Facts:

  • Planning agreed to increase by 114sqm to a total 263sqm

  • Site value £800,000

  • Loan required : £960k

  • Gross development value: £1,450,000

Problems:

Client had partnership income from a GP surgery but husband had just transferred jobs and needed a lender to consider new contract and waive probation period. Case had already declined with another lender at legals as they didn’t have right of way to the property and needed a lender who could accept an indemnity policy on their access. Needed to replace existing mortgage as well as raise funds for the extension and renovation

Solution 

We agreed with the  lender upfront re indemnity policy and income to take on the project

The client loan was approved and have started their project.