The Property
On the market for £150,000, this 3 bed mid terrace house in Coventry, West Midlands was jointly purchased by a mother-in-law and son-in-law. Looking to flip the property and sell it on quickly, the pair decided to take on their first Apex bridging loan for a speedy completion.
Dated and in need of extensive repairs and refurbishment, the house was in fair condition with significant damp issues. Our developers wanted to do as much of the work as they could themselves, calling on other family members to help strip the property and redecorate. But they did plan to use well-known, trusted trades to resolve the damp issues, fit a new kitchen and bathroom, change the flooring and plaster throughout, and potentially lay a new driveway.
Budget for the works was £10,000-£15,000, to be finished within a short 3-month timescale. After refurb, the value of the property was estimated to be around £210,000-£215,000.
The Assessment
The son-in-law is a self-employed mortgage adviser. His mother-in-law is a hairdresser by trade and they both own the hairdressing business premises together with their spouses.
Taking on their first joint investment project, our male borrower is the more experienced of the two. He already owns one buy-to-let property and has successfully completed other flips in the past. Mum is new to property but keen to learn and get onto the investment ladder herself.
The 3 bed is the perfect starter house that only needs a bit of life breathed back into it for a significant uplift in value. Keeping this project firmly in the family, the switched-on in-laws will also get other members involved. Although their budget is quite small, Apex have no doubts or concerns our clients will carry out a good quality flip and make the project a success.
The Transformation
Compare these before and after photos below showing the stunning modernised kitchen. The property is practically unrecognisable now and has gone through a remarkable transformation after refurb.
Kitchen Before
Kitchen After
The Transformation
Compare these before and after photos below showing the stunning modernised kitchen. The property is practically unrecognisable now and has gone through a remarkable transformation after refurb.
The Result
Completing the works well within the 3 month timescale, the 3 bed mid terrace went back on the market selling at the highest valuation of £215,000, to net the family a healthy and impressive gross profit of £65,000.
Need a property loan for a quick flip? 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.