Hope lends on valuation price to enable quick refurbishment project

Facility

£329,000

Loan Term

6 months

LTV

70%

Issue

The property in question – a two-story building with commercial units below and accommodation above -was in receivership, and the client wanted to borrow 90% of the value rather than the purchase price. This was because he wanted to maximise his cash flow to enable him to use his own funds to finish the living accommodation, which was half complete, as well as the rest of the refurbishment.

Screenshot 2018-12-03 at 17.05.22

“I have worked with Hope Capital on several projects to date and have always found them to be quick, easy to deal with and flexible. This deal was no exception and being able to borrow against the valuation rather than the purchase price meant I was able to fund the refurbishment of the property from my own cashflow without further borrowings. Hope Capital get deals completed and the customer service provided is excellent.”

Solution

Hope Capital had worked with the borrower on a few projects previously, so we were happy to lend on valuation rather than the purchase price to enable the client to turn the deal around quickly and fund the refurbishment without any additional borrowings.

Result

As we had worked with the client previously, and are able to make a case by case decision about borrowing, we were able to get the deal completed quickly to allow the project to complete on time.

Screenshot 2018-12-04 at 15.54.45
Hope-Wayne-2

Wayne Lee

Wayne is responsible for developing new business across the UK. He has worked in financial services for approximately 20 years, is a specialist in mortgage and bridging finance and has handled bridging finance deals from start to finish through private funders throughout his career.

View Profile
Hope-Tracey-2

Get in touch

Fill in the form and one of our team of experts will get back to you within an hour to discuss your project.

or call us on

0345 494 0708