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.