Blackstone Road, Chorley - 2 bed Buy To Let
Project Information
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.
The Numbers
Purchase Price: £39,999
Refurbishment: £21,000
Legals and other costs: £5,000
Total: £65,999
Private Loan: £57,000
Private Loan Interest: £5,700
C&W Homes Funds: £9,000
Total: £71,700
New Value on Refinance: £95,000
75% LTV Mortgage: £71,250
Money Left in: £450
Rent: £550pcm
Cashflow: £240pcm
ROI: INFINITE
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
Before and After Images
