Case Study HMO Mortgage
Property Case Studies
We sourced our client funding to enable the purchase of a 9 bed property with a view to convert to an 11 bed HMO.
Our client is an experienced landlord with a portfolio of HMOs and buy to lets. She approached us to source funding for a 9 bed property in Northampton, with the view convert to an 11 bed HMO.
The client needed fast access to funds to acquire the property. On securing the property, the client sought to obtain planning approval to convert to an 11 bed HMO. Upon planning approval, the client required funding to cover the cost of the refurbishment works. She intended to retain the property as part of her existing portfolio and would therefore repay the refurbishment bridge with a long term HMO mortgage.
We placed the client with a bridge to purchase in order to secure the property. We ensured this was with a commercially minded lender that would support the cost of refurbishment upon successful planning approval. Once planning consent was received, the lender converted the bridge to a refurbishment product and work went ahead for the 11 bed conversion.
On completion of the works, the client will move to a long term HMO mortgage following a commercial valuation. Works are moving to plan and tenants are set to move into the property this summer.
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