Kuflink provides finance to enable renovations to a semi-commercial
The Challenge
Our clients, who are business partners, and own an unencumbered semi-commercial property required £210,000 to refurbish the property, pay outstanding utility bills and cover some credit commitments. The property comprises a Chinese Restaurant on the ground floor and a four-bedroom flat on the first floor. As the clients had some adverse credit and the property required some refurbishment work, they hadn’t been able to secure long-term finance initially. As the property was unregistered additional work was required before we were able to register our Charge on the security.
The Solution
As the property was unencumbered we were able to take a 1st Legal Charge over the property as security. We agreed a term of 12 months to allow the clients to complete the refurbishments and secure long-term finance with a mainstream lender.
Deal Breakdown:
Funds required: £210,000
Loan duration: 12 months
LTV: 49%
Security: A semi-commercial, end-of-terrace property located in Newmarket with a Chinese Restaurant on the ground floor and four-bedroom flat on the first floor.
Charge: 1st Charge
90 Day Valuation: £425,000
Why our client chose Kuflink
The broker knew that Kuflink would think laterally to find a solution and provide the short-term funding which allows the clients time to refurbish the property and secure finance with a mainstream lender.
