The £1.5m loan was completed at 75% LTV so that the client could purchase a third-storey apartment in a popular London suburb for refurbishment.
As well as the refurbishment, the client planned to purchase the freehold and add a mansard loft conversion, doubling the square foot of the property.
Wellesley provided a new 12-month development loan which covered the cost of the freehold and building works as well as creating an exit LTV of just 60%.
Tom Clark, Head of Bridging at Wellesley, said: “It’s great to see our bridging business continuing to thrive and this case study represents the flexibility that we offer to our brokers and clients.
“At Wellesley, we pride ourselves on making sure we use the right professionals to get the bridge completed quickly, efficiently [and] offering speed and high quality.”
Wellesley said, if it is required, it will also provide the client with a sales bridging loan of up to 12 months when the work has been completed.
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