LOAN SPOTLIGHT
Purchase Price: £310k
Loan: £263,500
Loan-To-Value: 85%
Loan Term: 9 Months
Refurb Costs: £45k
Value After Refurb: £440-£450k
The Property
This 60 year old 3 bed detached property sits on a desirable street in a popular large village on the outskirts of Wolverhampton.
Internally, the property was in poor condition with no central heating and had not been upgraded since it was built in the sixties. Some original features still remained such as timber single-glazed windows and a coalhouse store behind the garage.
As a result, a complete refurbishment was needed from top to bottom, including a new kitchen, bathroom, central heating, flooring and redecoration throughout. Works were estimated at £45k and expected to take 3-5 months to complete.
Due to probate delays, our client had plenty of time to consider his options to achieve maximum profit on this property and had architects plans drawn up for a single storey rear extension under permitted development and a two storey side extension with planning permission.
The Assessment
Our client is an experienced landlord and runs his own building firm. In his day job, he and his trusted team have carried out countless refurbs and property flips. With his wife, they also manage 4 buy-to-let properties between them. He previously borrowed from Apex during the pandemic and completed that bridge on time with no issues.
With an expert building team on hand, we have every confidence that our client would do a good job on this property and turn it around quickly and efficiently, successfully exiting the bridging loan.
The Transformation
The property has undergone a dramatic transformation and is practically unrecognisable. See the after photo of the stunning new kitchen for yourself!
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Kitchen Before Kitchen After
The Result
The modernised property is on the market for £499,950, which could mean an impressive gross profit of approximately £190k if sold anywhere near this.
Looking for a speedy transaction for maximum profit? An Apex Bridging loan could be the solution. Speak to one of our friendly team on 01509 345 007 or email enquiries@apexbridging.co.uk to find out more.