Examples of successful Finance & Loans provided
Wareham in Dorset. Client was downsizing and had no mortgage on her existing property. She didn’t want to loose the sale and miss out on the purchase of the smaller bungalow. A long term residential mortgage was inappropriate as the funds were only required until the sale completed. We offered a 12 month facility in order to allow sufficient time for the sale to complete.
- Security property value £875,000
- Net loan £514,220
- Loan to value 59%
- Loan repaid after 4 months when property sale completed
Hereford. Professional landlord required the purchase to complete within 28 days. He planned to redecorate prior to letting out the property and adding it to his portfolio. We were able to finalise the bridging loan well within the time frame allowing the purchase to complete. We offered a 9 month facility in order to allow sufficient time for the remortgage to complete.
- Property purchase price and security value £205,000
- Net loan £66,500
- Loan to value 33%
- Loan repaid after 6 months when property was remortgaged.
Buy to Let refurbishment
Harrow in Middlesex. The property required light refurbishment including a new kitchen and bathrooms, as such it was classed as uninhabitable for residential mortgage purposes. It looked tired and unimpressive. The clients have completed similar projects before so had the vision of how to present the property. We evidenced the client had sufficient funds to complete the refurbishment. Greenfield were able to speedily finalise the bridging loan to enable the clients to complete the purchase against fierce competition from other interested parties. The clients then proceeded to complete the work required within 4 months and then placed the property back on the market. We offered a 12 month facility in order to allow sufficient time to capture a purchaser.
- Property purchase price and security value £935,000
- Net loan £580,000
- Loan to value 62%
- Loan repaid after 10 months when the clients sold the property for £1,150,000