Naomi Inherits A Property In Need Of Renovation
Case Study Category: Bridging Loans
Naomi inherited a property that needed significant renovation for it to reach modern day living standards. Whilst Naomi was in the process of applying for a mortgage on the property she became impatient and removed the kitchen and bathroom.
When the mortgage surveyor came to value the property he deemed that it was now not habitable and Naomi was therefore unable to get the mortgage required.
Additionally, Naomi had no funds of her own to complete the works necessary to make the property habitable again.
Naomi emailed us using our “ obtain a quote” form and one of our experts was able to obtain property development finance of £45,000 which enabled her to install a new kitchen, bathroom and completely renovate the property. As soon as this was done Naomi was able to return to her mortgage broker and obtain a mortgage which was used to repay the bridging loan.