Refurbishment Project

Refurbishment

Description

A customer of ours had secured a contract for a 4 bedroomed House in Bromley. Under Permitted Development (PD), the customer planned to extend the property in the loft space as well as add a single storey extension on the ground floor. Following conversion, the property was to be used as a House in Multiple Occupation (HMO) with the appropriate licence and retained as a long term investment for the customer’s family. We were approached to fund the purchase as well as the development works. The project was monitored by Silverstream’s Q.S. and the additional funds for the works were released by means of stage payments. The project was completed successfully and the property was re-mortgaged with a high street bank forming part of our customer’s investment portfolio.  

Terms

CLIENT
M. Green
ROLE
Refurbishment
PURCHASE PRICE / "AUCTION" VALUE
£350,000
LOAN
£210,000
LTV
60%
TERM
11 Months
FUNDING FOR PROJECT WORKS (70%)
£90,000
END VALUE
£600,000
“Silverstream simply provided a straightforward, easy and flexible service – and were able to release funds in a timely manner. On two occasions they released funds ahead of time so that I could secure a good deal on the purchase of new windows and a new kitchen. They also came down to meet the project team on site and were generally very helpful”
—  M. Green
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