LLH Flat Purchase – light refurb and lease extension
Our client was looking to purchase a LLH flat (66yrs) to spend £40k on works to the property including re-wire, plumbing, new bathroom, kitchen and en-suite to master bedroom (no planning needed and no structural works) and to also extend the lease throughout the bridge to 125yrs
Security; 2 bed long leasehold flat
Purchase Price; £450k
Loan; £306,172 (68% LTV)
Term; 12mth bridge
Cost of works; £40k (funded from client’s own funds)
GDV; £750k
All works were completed, and we are now arranging finance to switch to a term loan with the same lender on a loan amount if £507k against £780k value on a 5yr interest only term.
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VIBE are UK mortgage specialists in property-based finance for all types of commercial and residential property mortgages including protection.
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VIBE Specialist Finance
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Daedalus Drive
Lee on the Solent
PO13 9FX
Phone: 01329 277 599
Email: [email protected]
VIBE Financial Services Limited (Company registration number: 10979822) is authorised and regulated by the Finance Conduct Authority (No.798033) VIBE Specialist Finance is a Trading Style of VIBE Financial Services Limited.
VIBE Mortgages Ltd trading as VIBE Mortgages & Protection (Financial Conduct Authority number 966737) is an Appointed Representative of Complete FS Limited which is Authorised and Regulated by the Financial Conduct Authority number 738129