Securing funds to renovate a derelict holiday let property
What was the situation?
The client was looking to acquire a large property to reside in, but wanted to borrow £170,000 to develop an outbuilding that was on the properties land for holiday let purposes to grow their existing portfolio.
Located in Devon, the property was in a good condition but needed modernisation. It also had some structural issues which needed addressing.
What was the issue?
The client’s intention was to develop the property, but they needed to split the title which made a conventional mortgage not possible initially. Due to the time it would take to split the title, and the subsidence issues, the client was struggling to find a mainstream lender that would enable them to do this.
What was the process?
We requested information about the subsidence early on. This is so we could stay in control of any delays as a result of it. We also liaised directly with the client’s solicitor regarding the title plans before going to the market to source a suitable lender.
Having had prior experience of this type of case, we could anticipate what delays may crop up and knew that collating information in the first instance was a priority. After carrying out an in-depth review of the clients situation, we approached the right lenders who would be prepared to take a view on the subsidence issues, also supporting the title split.
What was the solution?
By presenting all the required information in the first instance, the client was able to acquire the property and is now in the process of applying for planning permission to convert the derelict out building into an income generating holiday let property.
Following our success of securing the competitive loan facility, the client was extremely happy with the service and our knowledge in securing the right terms.
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