Re-purposing an old building into new opportunities

Re-purposing an old building

Gross Loan Amount:

£150,000

Property Value:

£1,200,000

LTV:

53%

Initial Circumstance

One of our regular brokers came to us when their client needed additional funds for the re-purposing of a property.

The client had nearly completed the project which involved transforming a house into 5 flats to increase rental yield potential. However, they ran into some unexpected costs towards the end..

MFS Solution

We stepped in, as the client was under time pressure to ensure that they didn’t lose income from the property. With all the details of the case in front of us, were able to say yes to the requirement.

This included taking a second charge on the property, which the incumbent lender agreed to.

The Benefits

The client was able to borrow the amount needed to complete the works on their property. This was done quickly, and the borrower is able to still move tenants in on schedule, ensuring they do not lose any rental income.

 

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