The Property
This 2 bedroom detached bungalow in Northampton had fallen into serious disrepair after its previous owner had left it vacant for some time to go into a care home. On sale for £180,000, a quick 3 week completion was needed to cover the vendor’s care home fees.
The survey uncovered several issues with the property, including step cracking to external walls, signs of asbestos, a rodent infestation, high damp readings and a collapsed kitchen ceiling (as seen in the before photo below).
A full refurbishment from top to bottom was called for. Mature trees had caused the ancient rear conservatory to start cracking and our clients planned to remove this completely. Total cost of works were estimated to come in at £30,000 and expected to take 12 weeks to complete by a trusted and expert construction team.
The Assessment
Family friends for over 15 years, our clients were both seasoned property developers who ran serviced accommodation businesses. Combining their hands-on skills, experience and expertise in property management and construction planning, they joined forces to work on this project together.
Although the pair were both new to bridging loans, they sought professional advice and made sure they were well prepared, arming themselves with damp, timber and structural engineer reports and a drain survey. In its current condition, the property was uninhabitable and ‘unmortgageable’, making it highly unlikely high street banks would lend on it.
Apex had no concerns and felt this was a low risk loan because our clients had done their homework, were experienced property developers, and were working closely with an expert refinance company who were also well known to us.
Kitchen Before
Kitchen After
The Transformation
Take a look at the stunning new kitchen (with intact ceiling) now. The bungalow has been completely transformed by our clients and is virtually unrecognisable – you wouldn’t believe it was the same property!
The Result
Placed back on the market at £300,000, if our property duo sell the 2 bed bungalow for the asking price they are set to earn a gross profit of £94,500 between them.