HMO purchase and refurbishment, NG1
Client required £215,250 to purchase a property of 10 flats and carry out some refurbishment works. The client needed to act quickly so not to miss out on the opportunity.
MT Finance solution
In just under 3 weeks, we provided a £214,000 loan at 65% LTV, based on an open market value of £330,000.
Our short-term loan meant the client could buy the property quickly and the 12-month term gave them the time needed to carry out the works to significantly increase the rental value of the property. The client then refinanced out of the loan with a traditional buy-to-let mortgage from a bank, against the higher value.