When you put everything into your first project and need a broker who does the same!
The client came to us having exhausted other brokers who were unable to help with what they needed in the timescales required.
They had refurbishment experience, but not conversions. And owned no property currently, having never been a landlord.
The property was in an Article 4 area, with no planning approved.
The clients want to convert it into a 7-bedroom (or 6 as a backup) HMO
Money is tight and this is their life savings. With only one income and a young family to look after – it doesn’t get more stressful!!
So what did we do?
We went through the lending options available and needed a refurbishment bridge as they could not complete it without these funds. We found a lender who was happy with their limited experience.
As always, we ensured there were options for the exit once the works are completed. They need to keep the property for income.
The next hurdle?
The next challenge was PLANNING. We needed the lender to be comfortable with the lack of planning.
However, the GDV as a refurbished house was not profitable and therefore not really viable!
After working closely with the lender, and reviewing and amending the schedule of works, we were finally able to achieve a day one drawdown sufficient to complete the purchase.