The Property
When our ex-army, construction worker client spotted this 4 bedroom detached bungalow up for sale in Haverfordwest, Pembrokeshire, he knew it would be the perfect first investment in his daughter’s future, fulfilling his late wife’s dream.
Up for auction, a speedy bridging loan was needed to secure the property at £175,000.
Built in the 1930’s, the bungalow was dated but in fairly good condition for its age. Neutral redecoration was planned throughout. The kitchen was serviceable but appliances needed checking over. The loft would be insulated to raise the Energy Performance to a C rating. All the flooring would be updated and carpeted throughout. An ensuite and walk-in wardrobe will be added to the main bedroom, and the rear garden would be tidied up.
Works were estimated to cost £10,500 as this hands-on developer will do most of the work himself, helped by his builder dad and son-in-law who is a painter and decorator by trade.
The Assessment
Although new to bridging, our client is an experienced construction worker and has the support of family members also in the trade.
The surveyors valuation of £185k after works are completed did fall well below our client’s estimation of £300k, but this developer plans to rent this property out once refurbished earning an anticipated rental income of £1,000 a month. This plan aligns with his dream to build an investment portfolio to secure his family’s future.
With our clients skills, experience and plans for the property, Apex felt that this was a low risk loan, and we have every confidence that the bungalow will be refurbished to a high standard for the rental market.
The Transformation
The bungalow has now been completely transformed and is practically unrecognisable. See for yourself – the modernised family bathroom looks stunning in the after photo below.
Bathroom Before
