From Bridge to Term: Refinancing a 6-Bed HMO

The Requirement:

We were asked to assist with the refinance of a property in Grimsby following its recent conversion. The client was experienced and required a straightforward refinance of the existing bridge onto a long-term investment facility.

About The Property:

The security was a recently completed 6-bedroom HMO. A key part of the case was ensuring the asset was assessed on a commercial valuation basis, rather than a standard bricks-and-mortar basis, to properly reflect the income-producing nature of the property.

How we helped:

We worked closely with the lender to structure the refinance around the completed HMO and its investment profile as well as providing all the relevant evidence of completed works. By securing a commercial valuation and presenting the case clearly against the client’s experience and the completed conversion, we were able to support the refinance of the existing bridge onto a more appropriate long-term facility.

The Outcome:

We secured a £200,000 refinance facility, allowing the client to repay the existing bridge and retain the property on a long-term funding structure.