Forward funded

REFURB TO LET

Crystal utilised an 85% LTV bridge from Shawbrook Bank to ensure a property developer covered both property and build costs on his latest profitable venture.

The house cost £75k, but with detailed inspection of the build schedule and a floor drawing which allowed the surveyors to estimate a final worth of circa £110k, the lender could clearly see how £57,493 towards the purchase and £7,500 for the works, despite being over its usual 75% threshold, made eminent sense.

Outcome:

The client completed the bridge in just four weeks, has undertaken the work and has now applied for a £82,500 buy-to-let loan, allowing him to raise capital as well.