Our client was looking to purchase a resi 4 bed property to undertake some very light refurb works to convert to a 5 bed licenced HMO. His long-term intention was to apply for planning to develop a block of flats. Mainstream lenders declined due to the commercial location of the security and so a more specialist lender was required;
Security; 4 bed detached property Purchase Price; £600,000 (vacant possession value) Loan; £450,000 (75% LTV) Term; 2yrs Repayment; Interest only