Our clients were a husband and wife that had the opportunity to purchase a dilapidated bungalow at a below market value price before it reached the open market.
The property was a detached 3 bedroom bungalow that was a deceased estate and in need of total refurbishment. The clients negotiated to purchase the property for £300,000.
It was the clients intention to complete a full refurbishment to the property over an 8 month term, they had a small team of contractors that they had previously used on a project to complete all the work to the property.
The works included plastering throughout the whole of the property, a new kitchen, a new bathroom aswell as extend the driveway and clear the garden.
They had budgeted a total of £25,000 for the project with their GDV being £450,000.
We provided £216,000 at 75% LTV. The clients managed to complete the project under budget and were ready to market the property for sale earlier than expected.
The property was marketed immediately after the refurbishment was completed and sold within a short period for £475,000.