Phone link
Phone link

Live chat

Purchase and finance of a 32 Bed Student HMO

Purchase price: £560,000
Loan: £618,556 (gross)
Arrangement Fee: 3% (this is high and may put people off)
Rate: 0.87% (this isn’t high and won’t put people off!)
Term: 12 months

Adviser: Peter Davies

My clients had exchanged contracts on a building with a 10% deposit. The transaction had a delayed completion date to allow construction work to be completed which would turn the building into a 32 bedroom student HMO (House of Multiple Occupancy).

While a large amount of work had been carried out, the building wasn’t finished for the originally scheduled completion date. As a result, the limited company purchasing the building required funds to complete the purchase whilst also requiring additional funds based on the uplifted value of the conversion work carried out to date.

I approached one of Coreco’s bespoke short-term lenders where we have direct access to the principals and agreed on a 12-month loan facility in excess of 100% of the purchase price to enable the purchase to complete with additional funds for costs and interest.
The 12-month facility enabled the clients to complete the purchase and not lose their deposit – also giving time to complete the conversion works before we refinanced to a long-term 10-year interest-only facility.

Interested in an HMOs? Get in touch with Peter here.

DNA Shape DNA Shape

In case you missed it..


Overlay image


We know that all our clients are unique, and therefore the finance you require needs a different approach. We pride ourselves on providing a client focussed journey built around your needs and goals.

Overlay image
Overlay image


Our team always expresses their professionalism through their authenticity, high level of work ethic, and can-do attitude. We always find the best way for our clients to succeed.

Overlay image
Overlay image


Our progressive and forward-thinking outlook allows us to guarantee an exceptional level of innovative advice and service, ensuring an effortless, client-centric journey in the ever-changing financial world.

Overlay image


Want to talk to us?

Fill out the details below to start a conversation with one of the team.

Thank you for your submission


    Advice you can trust