Case Study: Dringhouse 2nd Charge
The clients were experienced in property development and required funds to repay a 2nd charge to fund another project.
The property was a brick built semi-detached house under a machine tile roof, originally built in the 1960’s. And it has recently been extended and refurbished to a high standard, which can be seen in the following photos.
The property was the client’s main residence, and on the market. It had 9 offers above asking price. One had been proceeding but had fallen through, so the estate agent went back to other offers.
Our team could offer an initial gross loan of £172,250 (65% LTV). We helped fund another project (£83,000) and finish off further development.
Before and After photos: