£375k funding to support the purchase of a spacious bungalow in Nuneaton

Funded:

£375,000

Location:

Midlands

Property Type:

Residential

Funding:

Bridging Loan

The Project

The client required funding to support the purchase of a spacious bungalow in Nuneaton.

The Approach

The client wanted to use their own funds to convert the property during Seneca’s loan term, Seneca therefore instructed a GDV report to confirm both the current and end value of the completed property. This allowed Seneca to lend at maximum Day 1 LTV and fund £375,000 towards the purchase price.

The Outcome

Following a speedy completion, Seneca look forward to reviewing the clients progress on site and what is expected to be a fantastic end result.

Bridging Loans – Key Features

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  • Fast Decisions: Initial responses typically delivered within hours—perfect for time-sensitive situations like auction purchases.
  • Loan Size: £100,000 – £2.5 million.
  • Loan-to-Value (LTV): Up to 75% of the end value (Gross Development Value or market value), with flexibility available on a case-by-case basis.
  • Desktop valuations are available
  • Term: Usually up to 12 months, but occasionally longer if LTV can support it.
  • Interest Roll-Up: Interest can be “rolled up” and repaid at exit, easing cash-flow pressure during the loan term.
  • Interest Serviced: Interest can also be “serviced” allowing a larger day 1 cash drawdown (subject to serviceability).
  • Exit Strategy Required: Clear repayment strategy—such as sale or refinance—must be established at the outset.
  • Security: First legal charge on the property is required.
  • Transparent Costs: Arrangement fees typically start at 1%. No early repayment or exit fees, and no hidden admin charges.
  • Unregulated Product: these Bridging loans are not FCA-regulated, they are not available for owner-occupied residential properties.
Learn more about our Bridging Loans

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