Holiday Let Conversion in Devon
Property Case Studies
Our client approached us for funding options when planning a relocation from Nottinghamshire to Devon, having seen an opportunity to purchase a holiday let investment. The property consisted of a main residence and three external barns that the client planned to convert into holiday lets.
In order to secure the purchase quickly for the client we sourced a bridging loan that covered the costs of the purchase and the works. We advised the client to split the titles of the holiday homes from the main residence, once the conversion had taken place, so the holiday lets could be run as a separate trading company.
The bridging loan afforded the client twelve months in which to undertake the works and build up trading history that is required in order to qualify for a holiday let mortgage.
On successful completion of the works, we refinanced the client from the bridging loan to a long-term holiday let mortgage.
The client has now been trading successfully for a year and has seen exceptional demand for the rental properties.
Speak to our commercial team about your holiday let mortgage options.