The Challenge When our Borrower identified a high-potential auction property in Rotherham, they needed a fast, flexible funding partner to secure the site and fund its full refurbishment. As first-time borrowers entering the early stages of their investment journey, they required a lender who could look beyond strict traditional criteria, recognise their potential, and act swiftly to meet tight auction deadlines.
The Solution Working alongside broker Jack Marshall at JHM Consultancy and Forbes Solicitors, Seneca BDM Adam Bluma structured a bespoke funding package designed for speed and simplicity:
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Gross Loan: £230,000
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Structure: £135,000 towards purchase; £62,000 build cost facility
- Security: 1st charge over purchase properties. Equitable charge over residence
To streamline the process and avoid unnecessary costs, Seneca utilised desktop valuations to establish both the current and future values of the security. Furthermore, Seneca removed the requirement for a Quantity Surveyor (QS), structuring the £62,000 build facility with self-certified drawdowns. This pragmatic approach allowed the borrowers to access funds rapidly and progress work without red tape.
Midway through the project, the borrowers identified a second purchase opportunity. Demonstrating true lending agility, Seneca seamlessly added this new property to the existing facility. This allowed the developers to move fast without missing out on the deal, while avoiding the added time and costs of applying for an entirely separate second loan.
The Outcome By offering an efficient, common-sense lending solution, Seneca Bridging gave these emerging developers the platform they needed to demonstrate their potential and successfully scale their portfolio.
“At Seneca, we don’t just look at background experience—we look at potential. We were delighted to empower these first-time borrowers on their refurb journey and look forward to funding their next acquisition.” — Adam Bluma, Seneca BDM
Looking for rapid, flexible bridging finance tailored to your next project? Speak to the Seneca Bridging team today.