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This borrower’s requirement for a loan was two fold. They initially required funds both to repay the outstanding mortgage, and for works which included a loft extension and complete refurb. They also required funds towards an additional property that was being converted into an 8-bed Sui Generis under planning, and was partly built.
As the loan term with the previous lender was coming to an end, these borrowers required a completion turnaround of a couple weeks. Lucky quick completions are our thing! There were several issues with planning and insurance for the additional property, and things can get complicated when you throw two properties, two sets of planning authorities, and solicitors in the mix. However, we personally underwrite every loan which enabled us to interject ourselves and ensure we reached the borrowers completion deadline. With the additional property now continuing works, works have finished at the property in North East London and it has come out great!
