The borrower behind the Hipswell project has been working very hard and we are happy to announce that the project is nearly finished. So, we thought we’d share her journey to show you how we can help you fund your projects. Here’s a sneak peak of the before and after of this project:
The Hipswell loan was taken to finance the acquisition and conversion of a 3-bedroom, two storey terraced house into a 5-bedroom HMO in Coventry. Once complete, it is the borrower’s intention to retain the HMO and rent out the property and then refinance onto a buy to let mortgage. The borrower is a very experienced HMO developer who has already completed 4 previous projects in Coventry and the numbers clearly stacked up well. So, we were very comfortable lending to her and wanted to make the deal work. One of the key highlights of this deal was that we were able to lend the borrower more than the purchase price of the property. The price was £129k, with a further £75k of build costs and a Gross Development Value (GDV) of £255k. We were able to extend a loan facility of £165k to cover most of the purchase price and all of the build cost, taking our Loan-To-GDV (LTGDV) to 65% (or c.75% including the rolled-up-interest on this 18-month loan).
We are buzzing that we were able to help the borrower achieve her goals. If you have a project you’d like to get funded, call us on 020 3409 3300, drop us an email on enquiries@blendnetwork.com or just come and grab a coffee at our office in London’s Mayfair. We are here to listen and help you with your project.
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