Specialist finance packager and master broker Clever Lending has secured a £1.1m regulated bridging facility for a broker’s client seeking to purchase and fully renovate a farmhouse in Tonbridge, Kent.
The property, with a purchase price of £920,000, required £250,000 in renovations to transform it into a four-bedroom detached farmhouse set on 2.5 acres, with an estimated sale price between £1.3m and £1.4m.
Clever Lending was contacted by an introducer who had previously worked with the company.
Matthew Dilks, a commercial and bridging specialist at Clever Lending, determined that the clients would live in the property and placed the case with lender MT Finance on a regulated bridging product. Dilks also provided advice to the customer and addressed all regulatory requirements.
MT Finance provided a loan totalling £1,119,066 at a 50% loan-to-value (LTV) ratio. As a regulated bridging loan, the loan was structured for the maximum 12-month period.
The bridging loan was arranged across two properties, the clients’ current home and the purchased property, with an additional £70,000 required to complete an existing project. The exit strategy involved selling the current property at £1.4m.
Dilks (pictured) said: “At Clever Lending, we’re happy to take on cases which deviate from the norm, because we have the expertise and relationship with lenders to make an application work.
“In this instance, it made sense to opt for a regulated bridging loan and we found a lender that was happy to take on a derelict property, needing full renovation and offered reasonable rates in the process.”
David Kingham, senior underwriter at MT Finance, added: “This was a complex case and one which really required us to think outside of the box.
“Collaboration and strong levels of communication between ourselves and Clever Lending ensured that this progressed smoothly, and ultimately completed. Thank you to Matthew Dilks for giving us the opportunity to work on this.”
Chris Parr, senior business development manager at MT Finance, added: “It is always a pleasure to work with Matthew Dilks and the team at Clever Lending.
“We have worked hard to build strong relationships between our two companies which means that when we do receive enquiries about more unique cases like this one, it is easier to find a solution that is best for the client.
“I am pleased that we were able to secure such a positive outcome.”
