Two brothers with experience in domestic building had decided to expand their business toproperty investment and devleopment. Both having completed many refurbishments for clients, they were keen to find a property they could refurbish themselves and sell on for a profit.
After looking at several properties and visiting auctions to gain an understanding of the process decided to bid for a mid terraced house that had been left empty for a number of years and needed some modernising and repairs. They first obtained the legal pack and confirmed there were no serious underlying or structual issues with the property. Then, after getting in contact with Finance for Entrepreneurs and looking at the bridge loan numbers ahead of the auction, they successfully secured the house and paid their 10% deposit with funds from their exitisng business.
The auction house required the sale to be completed within 4 weeks and after a quick valuation, the brothers were able to draw bridging facility to complete the purchase well before the deadline and funds to complete the refurbishment works.
In this instance there was no heavy or structural works to completed but light works designed to bring the property up to an excellent standard. The works were completed quickly and within budget.
Working with Finance for Entrepreneurs allowed the brothers to discuss their choices, and find the product and lender that was commercially viable in cost and timely in execution to acquire an uninhabitable property within a tight deadline.