Two Directors of an SPV limited company purchased a semi-detached property using bridging finance due to the condition of the property.
The subject property required a major overhaul and refurbishment which was completed by an independent contractor prior to the remortgage.
✔ Same pricing offered to individuals, SPV and trading Ltd Co’s
✔ No debenture or fixed and floating charge taken from the company
✔ Remortgages within 6 months to a maximum of 100% of PP, refurbishment and purchase costs but not exceeding 75% of new open market value.
✔ No maximum age for Directors
✔ No minimum Income
✔ Broker Procuration fee: 0.7% of the loan advanced
Property value: £140,000
Loan amount: £105,000
LTV: 75% LTV
Rate: 3.15% 2-year fixed rate
Total Spend on the project by client £119,269
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