Bridging Loan Case Study – College Road, Bromley

By: Emma Gettings

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 £290,000
Valuation £400,000
Loan to Value 72.5%
Interest rate 1.25% pcm
Total Return £73,481.19
Term 24 months

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.