6 week refurbishment start to finish.
This 2 bed property in Chorley was purchased by C&W Homes in July 2020 following direct to vendor negotiations.
The property was in disrepair and needed a full refurbishment, including new boiler, rewire, DPC as well as new kitchen, bathroom, skim, paint and carpets throughout.
We worked with 3 private funders on this project, providing a 10% fixed return on their funds over a 12 month term. Full loan agreements and guarantees for all. As additional security we provided the funder that provided funds for the purchase with first charge on the property.
Purchase Price: £39,999
Legals and other costs: £5,000
Private Loan: £57,000
Private Loan Interest: £5,700
C&W Homes Funds: £9,000
New Value on Refinance: £95,000
75% LTV Mortgage: £71,250
Money Left in: £450
With the funds drawn down (£71,250) from the mortgage this allows us to repay our funders along with their bank busting interest rate.
Private funds: £57,000
Funds returned to funders: £62,700
Time frame: 6 months
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