HMO Case Study

Specialist Residential Finance

Finance Requirement

Refinance of a newly completed house converted to 6 self-contained flats in Swindon – together with the refinance of a semi-commercial property.

5-year specialist facility to allow the client time to repair their credit profile and at the same time refinance expensive personal loans used to complete the development.

Location

The main property had been recently converted, however, each flat is under 30-square metres; they did not have separate meters and although the council had signed off the building regulations the right planning was not in place for 6 flats.

The Interesting Stuff

The lender had the ability to take a commercial view on the client position and the planning, providing a refinance of the current mortgage together with raising funds to clear expensive personal loans to finish the project.

Our client has now rectified the planning and will be able to refinance in 2 years’ time back to more competitive rates.

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