two storey extension in 10 days, SL4
We were approached by a client who wanted to add value to their buy-to-let property before they put it on the market. The required capital was to finance the conversion of an existing one bedroom flat into a two-bed, and to create a two-storey extension at the rear of the property to make a further two flats.
MT Finance solution
Within ten working days of our offer, we were able to provide our client with the financing they needed to get the works done. At an LTV of 65%, the £239,000 loan was issued on a 15-month term with interest retained at 0.95%.
Once our client received the funds, they were able to carry out the required conversion work, in order to secure a sell-on price at a higher value to exit the loan. Upon exiting the loan ahead of the 15-month agreed term, the client would not be charged any exit fees or early repayment charges.