Back to Residential

Experienced Property Developer Chooses Chordis Capital For Latest Luxury HMO Project

Chordis was approached by an experienced property developer to assist with raising funds towards an extensive renovation project. The West Midlands property they had purchased needed significant refurbishment, and the client was looking for a bridging loan to complete the works and transform the run-down property into a luxury HMO for rental.

We were eager to help the client accomplish their goals and got straight to work.

  • Loan Details: The client required a total loan of £152k, consisting of £127k initial drawdown – followed by an additional £25k for completion of the refurbishment.
  • Term: 6 Months

Like many cases, this one was not without its difficulties and hurdles. Firstly, there were challenges concerning the change of property status from single house to HMO, due to potential problems with permission from the council. There were also the repercussions that this could have on the valuation, which we’d be basing our lending capacity off. Then there was also the issue of damp on the property, and accurately identifying the source of the problem.

These types of issues are common with major refurbishment and conversion projects, but our client was looking to complete quickly and without significant problems derailing the project. We worked tirelessly on the client’s behalf to get valuations and clarifications that would ensure that the case could advance. We were able to pull together all the required documents, checks, and surveys, to lend to this client with confidence.

The client was able to complete the purchase and is now about to embark on the refurbishments on the property, happily adding to their portfolio of finished projects.

Get in touch