SDKA delivers 100% LTV bridge for Stockport HMO project
The semi-detached, four-bedroom property in Reddish is being converted into a house in multiple occupation.
SDKA has completed a 100% loan-to-value (LTV) residential bridging loan covering the full £220,000 auction purchase price of a property in Stockport.
The semi-detached, four-bedroom property in Reddish is being converted into a house in multiple occupation (HMO) under permitted development by the borrower, an experienced builder who already had funds available to cover the conversion works.
The transaction was completed through a 12-month serviced bridging facility at 0.95%, with SDKA taking additional security over an existing portfolio property in the same district.
The financing enabled the borrower to complete the auction purchase within the legal deadline, with the planned exit through refinancing onto a term product once the conversion works have been completed.
The borrower was a new direct client who approached SDKA after discovering the lender through its social media marketing.
Christopher Simpson, underwriter at SDKA, said: “This case reflects SDKA’s expertise in structuring complex bridging transactions, particularly those involving multiple security properties, HMOs and planning or permitted development requirements.
“By taking a pragmatic underwriting approach, we are in a strong position to support borrowers on deals that often fall outside the appetite of more traditional lenders as our funding structure agreements ensure we are not beholden to any specific lending criteria.”
Related
SDKA appoints Laura Perry as underwriter
UTB completes £356,400 auction bridge through new broker portal
Aspen completes £1.9m Cheshire bridge-to-let refinance in 14 days
Redwood Bank launches residential BTL bridging range
Hilco Real Estate Finance completes £7.6m brdiging loan
Brickflow and LandTech support £2.39m Isle of Wight bridging refinance
Glenhawk completes £1.12m hotel refurbishment loan
Albatross completes £746,481 Leicester mixed-use refinance
Atom bank completes £3.9m refinance for Staines office
TAB completes £611,250 bridge for Iver property purchase
Precise launches guide to bridging finance for intermediaries
