Refurbishment Bridge for Holiday Let
Property Case Studies
Our client, an experienced investor and developer, was looking to take his first step into the holiday let market. The client sought to purchase and refurbish a property in a popular holiday destination in Norfolk.
This project faced a number of challenges. A strict deadline for the purchase of the property meant we needed to find a quick solution. Additionally, the property had no trading history as a holiday let and, although our client was an experienced investor, he had no previous experience in the holiday let market. This made the serviceability for the exit challenging to prove.
We positioned multiple exits options to the lender that overcame the client’s lack of experience and secured a refurbishment bridge at 0.76% per month. The facility covered 75% of the purchase price and 100% of the cost of refurbishment works. We were able to place the solution in time to meet the deadline and the client purchased the property.
Works have begun on the refurbishment project. Upon completion, the client will be able to successfully refinance the holiday let to a long-term solution and further diversify his portfolio.