When this husband-and-wife team of property developers found the perfect cottage for their next ambitious project, they turned to broker Terry Yates at Alpha Asset Finance to help them source the funding support they needed to turn their ambitions into reality via a Bridging Loan.
Terry explains, “The couple have over 10 years’ experience in property development, construction, interior design and project management, and a proven track record of great delivery on previous projects. They had found a property that they wanted to turn into a holiday let and needed a Bridging Finance facility that could help with purchasing the cottage and cover the refurbishment costs before the place was fit for its new purpose. At Alpha Asset Finance we have worked with Ultimate Finance to deliver hundreds of facilities already, mostly via their range of Asset Finance and Invoice Finance solutions, and so we knew they would also deliver on their Bridging Finance proposition”.
Terry worked with Ultimate Finance’s Senior Regional Director Samuel Cousins who tailored a facility that would directly meet the requirements of the developers. Samuel says, “The cottage is a 4-bedroom semi-detached grade 2 listed building located in a lovely part of Cumbria with great potential to become a very popular holiday rental. We are proud to have been able to provide Terry’s clients with a £429k Refurbishment Bridging Loan which allowed them to purchase the property and cover the costs for the refurbishment plan”.
The refurbishment included a new kitchen, new carpets for the bedrooms and sitting room, a bathroom and shower room refurb and the costs of plumbing and electric work to install a dishwasher, washing machine and tumble dryer to cater to the needs of holiday makers.
Ultimate Finance’s range of Bridging Finance solutions offers simple short-term funding facilities for residential projects and can be tailored to the specific needs of each project. A Refurbishment Loan is designed to assist developers with the initial purchase of a property in addition to funding for its refurbishment and provides up to 75% LTV of Open Market Value and 100% of the refurbishment costs in arrears, with rates starting from 0.94% per month.
Samuel concludes, “I am delighted to have been able to play a part in the delivery of this project and help the developers refurbish a great historic building which will undoubtedly quickly become a very popular destination for many tourists in the area”.