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by Peter Davies on 23rd February 2022


Client details:

Working healthcare professional who is also a professional landlord and property developer.

Property details:

The property was originally bought as a 7 bed HMO for full refurbishment and conversion to 9 beds. The property was a large residential building in Margate licensed for 7 beds, however was in poor condition.

Reason for finance:

We arranged the original funding for the purchase of the house with additional capital to carry out the extensive refurbishment of the house.

This refinance of the HMO purchase and refurbishment also included additional capital being raised to recover deposit and construction costs. As the increased valuation of the property post refurbishment was used, the property was then retained to add to the client’s existing portfolio.

Challenges faced:

Whilst planning was granted for the conversion at the time of application to convert the property into a 9 room HMO, the HMO licence for 9 rooms was not in place. We requested the property to be valued based on 7 rooms and 9 rooms, whilst waiting for the licence decision.


The licence was still not granted for 9 rooms at the time of completion, however, it was in place for 7 rooms, which enabled completion to take place and reduce the monthly costs to the client by moving the borrowing to a 10 year fixed rate. This provided the longer term stability of fixed costs the client required.

Broker:  Peter Davies –  

At Coreco Commercial, we are experts at sourcing the most suitable solution for your needs, be it a bridging loandevelopment finance, or even offshore mortgages if you’re looking to purchase property aboard. Talk to us today or call 0207 220 5100.


Written by Peter Davies


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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