The Property
When a Northampton-based property developer spotted this 2-bed end terrace up for auction on Rightmove, he knew he would have to move fast to secure the purchase. Having successfully borrowed from us a few months earlier, our client returned for a speedy bridging loan decision.
The valuation report highlighted extremely high levels of damp to the external front and side walls of the property.
This property developer planned to convert the property into a three-bedroom by adding a loft conversion under permitted development and then put it back on the market. As well as the £25k needed for the loft conversion, the house needed extensive refurbishment, including a new kitchen, flooring, consumer unit, boiler and complete re-decoration throughout. The refurb was expected to take three months to complete, and total costs were estimated at £45k.
The Assessment
Our client is a repeat borrower who we originally lent to 6 months before. He fully refurbished the previous property to a high standard, making over £100k in profit once sold. As a result, he was able to pay the loan back 3 months early.
We formed a good relationship with this developer from the first loan application and have every confidence in his ability to refurbish this property and pay the loan back within the 9-month term.
The developer is also an experienced investor and currently rents out three other properties. He lives in the area himself and knows the market well. He visited the property prior to winning it at auction and intends to use the same trusted team of builders to convert this new 2-bed.
The Transformation
See our client’s high standards for yourself! Take a look at these before and after photos showing the stunning transformation of the bathroom.
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Bathroom Before Bathroom After
The Result
After refurb, the property was expected to achieve a sale value of between £190-220k. This experienced developer upgraded the property to such a standard, he had the original intention to sell and was confident he could achieve £250k.
Need a loan fast for an auction property? An Apex Bridging loan could be the solution. Speak to us today on 01509 345 007 or email enquiries@apexbridging.co.uk to find out more.