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REDEVELOPMENT AND EXTENDING OF HOLIDAY LET PROPERTY

by Peter Davies on 6th January 2023

Client details:  Private individual landlords – no experience

Property details: Development and Refurbishment Loan to complete a large extension and full refurbishment of the existing building.

Reason for finance: The clients required loan of £878,000 to complete their complex extension build and refurbishment of the property, which is to be used as a holiday let.

Challenges:  .As the intended work was complex, a build programme of up to 12 months was envisaged, and the start of the work was time critical to enable any disruptive works to be undertaken out of high season so that neighbouring properties were not disturbed during this time

Solution: As the build programme has a maximum expected timeframe of 12 months, a term of 15 months was agreed with the lender to allow time for refinance with a loan facility provided to cover all build and contingency costs.

Special thanks: We want to offer special thanks to C&M Wealth – Sophie and Leigh were very responsive. They both worked extremely hard with ourselves, the clients and solicitors to ensure funding was completed at the earliest opportunity.

peter

Written by Peter Davies

Partner

Starting his career in property and finance with Connells Estate Agents more years ago than he cares to remember, Peter was first employed as a sales negotiator before moving across into the Financial Services arm as a mortgage adviser. During this time he studied for, and passed, all three elements that make up the FPC qualification and in addition gained the CeMAP qualification. After 5 years with Connells he joined John Charcol in 2002. Based in the Canary Wharf office he remained with Charcol until joining Coreco in August 2009 shortly after the business was established. Better known as Taff, he now works within the Specialist team here at Coreco Towers dealing with the extremely varied requirements of their many clients.

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