Inspired Lending has completed a £1.1m bridging facility to support the purchase and refurbishment of a large detached house in South Yorkshire.
The property, which had suffered significant structural movement due to a poorly installed ground source heat pump, had been stripped back almost entirely at the time of purchase.
While a structural survey confirmed the building was sound, remedial work was required, including the partial reconstruction of some external walls and the full reinstatement of non-structural elements.
By securing the facility against the property being purchased, alongside a second charge on another asset owned by the borrower, Inspired Lending was able to provide 100% of the purchase price as well as the full refurbishment cost of £385,000, drawn down in tranches.
The borrower, an experienced investor, is also considering a planning application to extend the second floor, with Inspired Lending open to supporting this should it progress.
Once works are complete, the borrower intends to sell the property and is well positioned to achieve a strong return.
Gavin Diamond (pictured), CEO of Inspired Lending, said: “We regularly work with experienced borrowers on complex refurbishment projects like this one, where flexibility and a deep understanding of the underlying asset are essential.
“In this case, our ability to structure a facility that covered 100% of both the purchase and the build costs meant the borrower could move quickly and make the most of a high-potential opportunity.
“This case reflects our core values: delivering bridging finance grounded in common sense, driven by experience, and delivered with speed, clarity and honesty.”
