Bridging Loan Case Study – College Road, Bromley
By: James Newland
This loan was to a property investor with a portfolio in excess of 50 properties. It was the first loan BiG completed and was done in partnership with West One Loans with whom we shared the below return.
|Loan to Value||72.5%|
|Interest rate||1.25% pcm|
The property was a detached house in a rundown condition and the investor obtained planning consent to convert into flats. Planning was refused twice and we agreed to extend a 12-month term to 24 months. The borrower sold the property in November 2014 to over £1 million.