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.
BRIDGING LOANS
Bridging loans provide the borrower with short term finance secured against property assets.
DEVELOPMENT FINANCE
Available to developers and investors with a track record in residential development and / or refurbishment
JOINT VENTURES
We will consider putting up to 95% of costs for residential development of refurbishment and joint ventures.
