What was the client’s requirement?
An experienced investor with a street-specific property portfolio in Leeds approached Seneca Bridging. Working closely with our Business Development Manager (BDM), Sophie, and their broker—marking another successful collaboration for the duo following a deal they completed together earlier this year—they sought a combined bridging and development facility. The goal was to fund a new purchase with a £25,000 light refurbishment while simultaneously refinancing an existing property.
How did Seneca add value?
To optimise both speed and cost, we waived the need for a Quantity Surveyor (QS) on the £25,000 refurb works. Furthermore, we utilised desktop valuations for both properties, saving the client significant upfront fees and trimming days off the standard process. Demonstrating true flexibility, we also allowed the borrower to draw 100% of the build costs on day one.
Overcoming the hurdles
Property finance is rarely a straight line. Mid-way through underwriting, the borrower changed strategy and decided they no longer needed the refinance element. We immediately adapted. Then, near completion, their requirements shifted again, and they requested the additional funds be reinstated. Thanks to Sophie and the broker’s dedicated teamwork, alongside our swift internal decision-making, we seamlessly amended the deal back to its original gross amount of £326,000 without missing the client’s deadline.
The Seneca Solution
With 20 years of lending experience, our team specialises in handling complex, evolving cases. While traditional lenders struggle with fluctuating demands, our tailored bridging and development products are built to handle real-world hurdles.