Borrowers’ requirements: Our borrowers were looking for funding to purchase and refurbish a 3 bedroom property. This was their first purchase, but they were using an experienced contractor to carry out the work. They had a 28 day timeline to complete, so were looking for a fast-funding decision. The borrowers plan to ‘flip’ the bungalow, re-selling the property after the refurb is complete. 

 

Catalyst solution: Catalyst was satisfied with the estimated cost of works and GDV, so a 12-month loan was arranged. The client was able to purchase the property within the restricted timescale, carry out the refurbishments and repay the loan through the sale of the property.

 

Credit Analyst, 𝗗𝗮𝗻 𝗕𝘂𝗿𝗱𝗲𝗻, says “We were on a tight deadline for this case and arranged for both the valuation/asset manager report to be carried out as soon as possible, which meant we could confirm final terms and progress. With all parties pulling together, we achieved a good outcome for the borrower and agreed funding before the deadline”.