A recent completion for a client who came to us from another broker, having already purchased the property and started the project. The previous broker had not raised the option of a build facility to sit alongside the bridging loan, leaving the client funding the works from their own capital.
With build costs running higher than originally anticipated, we refinanced the existing bridge and secured a facility covering 100% of the works, so no further client capital goes into the build itself.
Many investors go through the acquisition stage without realising that bridging can be structured to fund the works as well as the purchase, and in some cases above the original budget. On a project where cash would otherwise be tied up, that structure can make a real difference.
We will stay in close contact through the works and arrange the exit onto an HMO mortgage as soon as the project is complete, to keep time on the bridge to a minimum.
If you’ve got a project where the build costs have grown, or if you’ve bought in cash and want to understand the funding options available, get in touch.
hello@scalepropertyfinance.co.uk
0117 427 4568
