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The clients had purchased a house in West London for £3,300,000 and had subsequently obtained planning consent to dig out a basement and convert the loft with further plans to refurbish the rest of the building. The total anticipated cost of the works was £450,000 with an estimated 6 month turnaround.
The client also had a £500,000 tax bill due within four weeks for which he needed to raise funds.
A net loan of £2,050,000 arranged within three weeks, on a 9-month term at 0.59% per month, raising funds to cover the existing £1,100,000 mortgage, pending tax bill and the full cost of building works. Upon completion of the works, the client re-mortgaged the property based on a new valuation of £4,600,000.
Disclaimer: This information is general in nature and does not constitute legal, tax or investment advice.