With a development finance loan in place, three brothers are currently transforming a 1960s property in Reading
The clients had inherited a large detached house and had begun to renovate it, which meant that a traditional mortgage would not be available to complete the work because it was deemed uninhabitable.
Due to the client's previous credit arrears, such as several late mortgage payments, lender options were further limited. The brothers required a £120,000 development loan to finish the repairs, estimating that the home would be worth around £490,000.
"High street lending is generally dominated by automation," Finbri's Stephen Clark noted, "and once the terms of the agreement were put to the system, most high street lenders simply would not approve this kind of deal."
“We take a more human approach to each scheme, and whilst we could see the challenges the brothers had attempting to obtain development finance via a traditional lender, our specialist lenders were confident that the property would guarantee the loan."
Working alongside all parties to smooth out any communication we helped our client complete the loan and draw down the funds within a couple of weeks, ensuring they had the funding to get on with their project and start a new chapter in their lives.