Auction Purchase and Moderate Refurb in Devon
Catalyst recently provided auction finance for the purchase and refurbishment of a 2 bed terrace property.
The borrower bought the house with the intention to develop into a 5 bed HMO. This moderate refurbishment cost £102,000, including a loft conversion and extension. Due to the strict timelines with an auction purchase, we needed to work fast, but with our expert team and good communication throughout, we were able to complete the loan in just 18 days.
Quick loan overview
- Two bed terrace property in Devon
- Converting to a five bedroom HMO
- Moderate refurb, no planning required
- Loan: £235,000
- 100% of the works funded
- Term: 12 months
- Loan completed in 18 days.
Andrea Armillotta, Catalyst Underwriter says: “We kept in constant communication with both the broker and the client throughout, to ensure major points were dealt with promptly.”
Jake Smith, Internal BDM at Catalyst says: “I was particularly happy with this deal due to how proactive all parties involved were. We were able to complete not just a purchase but an HMO conversion in under 20 days.”
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