This 2 bed property in Blackpool was purchased by C&W Homes in November 2019.
The property was in disrepair and needed a full refurbishment, including DPC, roof work as well as new kitchen, bathroom, skim, paint and carpets throughout.
We worked with 2 private funders on this project who funded the refurbishment, providing a 6% fixed return on their funds over a 6 month term. Full loan agreements and guarantees for all.
C&W Homes funded the purchase deposit with the rest of the purchase made up utilising a bridging loan.
Purchase Price: £52,250
Stamp Duty: £1,568
Legals and other costs: £2,200
Private Loant: £15,000
Private Loan Interest: £900
Timescale: 6 months
New Value: £80,000
With the funds drawn down from the new mortgage this allowed us to repay our funders along with their bank busting interest rate, as well as repaying the bridging loan.
Loan funds: £15,000
Funds returned to funders: £15,900
Time frame: 6 months
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