Helping Kickstart a Career in Home Refurbishment
Find out how Forecast Finance helped a younger client fund their home refurbishment efforts with a bridging loan.
Bridging Loan for a Property Renovation
Our client was looking for a bridging loan to help fund the purchase of a detached bungalow that they would renovate and later sell on for a profit.
The client was relatively new to the process of refurbishing properties having previously only completed one project before.
We worked closely with our client to guide them through the process, taking time to understand the plans they had for this property, which had a purchase price of £267,500 and an expected value of £350,000 post renovations. The client had the available cash to pay for the refurbishments themselves.
We identified a lender that would provide the required funds with a reasonable rate and wouldn’t mind our client was living in rented accommodation, rather than being a homeowner for security. This loan was offered with 0.85% monthly interest and an 18-month term which would be paid upon the sale of the property. All the details were finalised in one month.
The client had this to say about our services:
“Working with Forecast Finance was a breath of fresh are in an area of business usually filled with poor communication and delays. They not only helped push forward the finance side of the purchase but went above what was expected in communication with solicitors.
Everyone that I interacted with was professional and reliable and I would recommend Forecast Finance and will be using them in the future.”
Overview of Case Study
- Purchase Price £267.5k
- Refurb Costs £30k – client has available cash.
- Expected Value once work completed (GDV) – £350k
- Loan – £212,615
- Rate 0.85% per month
- Term 18 months
- Exit of Bridging loan – Sale
- Introducer: Earned £1,780.
- Completion time: 1 month.
Comment from Introducer:
‘It has been a pleasure working with forecast finance, particularly with Paul. He is always at hand to answer any questions I or the client might have. I found the entire process easy and was kept up to date at every step.’
Ref No. CS1
