When their neighbour’s 3 bed semi in Pontypool, Wales came onto the market, a husband-and-wife team (who lived just across the road), could see the benefit and convenience of developing a local property. Sadly, their elderly neighbour had developed dementia before going into a home and passing away.
With our help, the couple bought the house for £150k and planned to use their own funds to develop it for sale. The property was quite dated and in poor condition overall, needing a full refurbishment throughout including new windows, doors, kitchen and bathroom, boiler, heating system, flooring, rewiring, fencing and redecoration. Refurb costs were estimated between £25-30k and works were expected to take 3 months to complete.
The Assessment
The male half of this property duo is a self-employed carpenter and will carry out the majority of the works himself, but can also access other trades, namely a plasterer, plumber and electrician.
The borrowers have lived across the road from the property for the past 7 years, and for that reason are familiar with the area and the local market.
The couple, although relatively young, have owned 2 buy to let properties in the past and carried out property flips to a high standard during the pandemic.
They are hoping to achieve a sale price of £210k once refurbished and have already received an initial offer of £230k.
The Transformation
See for yourself what the kitchen looks like now! I’m sure you’ll agree it has been completely transformed from dated and impractical to stylish and modern.
The Result
The refurb was completed within the 3 month timescale. Although the property has gone back onto the market awaiting a sale, the couple decided to pay our loan back early using a Buy To Let Mortgage of. If our clients do sell at the lower value of £210k, they are set to make a healthy profit.
Need a high Loan-to-Value for your next property purchase? An Apex Bridging loan could be the solution. Call us on 01509 345 007 or email enquiries@apexbridging.co.uk for more information.