Broker completes 110% LTV deal for developer

Broker completes 110% LTV deal for developer



Now Financial has completed a refurbishment deal with a 110% LTV….


Now Financial has completed a refurbishment deal with a 110% LTV.
An existing development client wanted to purchase a studio flat in central London for £400k and was told it would cost £15,000 to convert it to a 1-bed flat.
The client only had £20,000 available to him but was assured by the valuer that the property would sell for £550k once completed.
The lender used the client’s main home as extra security to be able to offer him £440,000 for a term of six months, with interest rolled up, charged at 0.73%pm.
The transaction was completed in two weeks and four weeks later all work on the property was finished.
It was sold by the end of the term’s fourth month and all unused interest was returned to the client.
 

 



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