Wey Bridging Finance has completed a £1.86m facility to refinance existing borrowing and provide the additional funding required to complete the refurbishment of a substantial detached residence.
The borrower originally acquired the property using a combination of personal capital and bridging finance before carrying out a comprehensive refurbishment to create a premium family home with high-quality finishes and a swimming pool.
As the project neared completion, the borrower required additional funding to finish the remaining works. Their existing lender was unable to provide the further finance required, placing the project at risk of delay.
Wey Bridging Finance refinanced the existing borrowing while providing an additional £300,000 to complete the refurbishment.
The 18-month facility totalled £1,855,670 at 62% loan-to-value against a projected gross development value of £3m.
The significant equity created through the refurbishment supported a clear exit strategy through either the sale of the completed property or a long-term refinance.
Read the original article on: https://bridgingloandirectory.co.uk/bridging-finance/wey-bridging-finance-provides-1-86m-refinance-to-complete-residential-refurbishment/
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