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Funding for first time developer for stunning holiday let in York

Property Case Studies

The Client

An experienced building surveyor sought finance for her first solo development project having sourced a semi-commercial property in the heart to York.

The property was a grade 2 listed former Georgian Townhouse, which at the time of purchase was operating as a retail unit with residential units above. The client planned to create a luxury holiday let and return the property to its former splendour. In order to secure the purchase, finance was required within six weeks.

The Case

The client required a commercial bridge to quickly secure the purchase. Following the acquisition, a refurbishment loan would be required to fund the cost of the works. We explored the client’s desired exit route at the outset and built this into the financial plans.

We sought a lender that could provide a commercial bridge which would transition to a residential refurbishment loan, once planning was obtained. This approach saved the client a significant amount in arrangement and legal fees.

The Result

On completion of the works the client progressed to their exit route which was to rent the house out as a high end holiday let. We secured a long-term holiday let mortgage with a specialist lender. The mortgage used the forecasted net rental income, allowing us to secure the maximum LTV available.

The property has been completed to an exceptionally high standard and has received rave reviews for the improvement it has made to the city centre. The property is now available for bookings here.

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