Our existing client, an experienced builder and developer of 30 years, purchased a bungalow in Norfolk with Bridging finance and self funded his own development costs.
T
he property was internally reconfigured with the addition of a 70 square meter extension which enabled the property that was in poor condition to become a suitable dwelling for resale.
The transformation of the re-developed bungalow and new extension, meant an uplift in value. Whilst the client’s bridge was about to expire, we re-bridged the current facility, and capital raised extra funds to allow the borrower to create a ‘war chest’ to fund the deposit and fees of his next project that Development Money got involved in.
The 6 month re-bridge with NO EXIT fees allowed him a suitable period of time to sell the property. The client successfully exited the facility at month 3!
Re-development included:
– 70sqm extension, doubling the footprint of the existing property
– The existing property was stripped to bare brick and re-plastered
– A new kitchen, new bathrooms, and en-suite were installed
– Quality finishes such as oak floorings and porcelain tiling were fitted
– A new central heating and boiler system was installed
– New re-wiring
– Porcelain tiling was fitted as a quality finish to the property