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Loan details
Loan Ref
69544
Amount
£565,586.02
Risk Grade
F2
Interest Rate
6.5%
ISA Pot
Balanced
Purpose
Bridging
Term
12 months
Repayment
Interest only
Region
North West
App received via
Funded
£0.00
0.00%
Property details
Open market value
£950,000.00
Security
1st Legal Charge
Exit strategy
BTL Mortgage re-finance
Loan to value (GDV)
24.59%
Loan to value (OMV)
59.54%
Description
Funding for a highly successful, portfolio landlord to purchase of a 6 bedroom semi-detached house. Purchase price is £950,000. This property is in a very desireable location in the North West of England. Detailed planning permission for extension and conversion into 4 appartments. Applicant will provide the working capital from own reserves. GDV 2.3M. Loan will be repaid with a refinance onto a BTL mortgage product, with existing lenders already supporting the customers extensive portfolio. Build is on a fixed price contract. 6 months interest will be retained.