An existing client wants to purchase a commercial unit as a cash buyer. They intend to complete heavy refurbishment works to convert the building into four self-contained flats to add to their existing buy to let portfolio, but they don’t want to use their own home as security.
Their buy to let portfolio is worth around £2.6m and they need to quickly secure the £600,000 to ensure they don’t miss out on the property.
Our bridging finance proposition allows the client to use their property portfolio as security. With no upfront costs and a speedy turnaround, they’re able to access the funds they need to get the best price on purchase and once the refurbishment works are completed they’re able to exit on to a long-term deal.