Refurbishment of a buy-to-let property in South West England

Funded:

£315,000

Location:

South West

Property Type:

Residential

Funding:

Bridging Loan, Development Finance

The Project

A Plymouth based property developer needed help funding the purchase and refurbishment of a buy-to-let property in Plymouth city centre consisting of a basement flat and a maisonette flat.

The Approach

Seneca provided £243,000 to aid the purchase (£395,000) and an additional £70,000 to be released in stages to fully fund the refurbishment costs.

The Outcome

Credit approval was provided within 48 hours of the application being received with completion taking less than 8 weeks. Factoring in the “Christmas break” this was another seamless process which left all parties satisfied.

Don’t just take our word for it…this what the broker had to say…

“

It was a pleasure working closely with Chris on getting this development deal across the line. We started packaging up the application items on the 11th November where we gained full credit approval in such a short time period. Chris was very proactive throughout the whole transaction which enabled our client a speedy completion to commence his development works.

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

Development Finance – Key Features

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  • Comprehensive Coverage: Funds typically cover land purchase, professional fees, and build costs.
  • Staged Drawdowns: Capital is released in phases, usually against certified expenditure.
  • Tailored Structures: Designed around project timelines, often short- to medium-term in duration.
  • Market leading LTV’s up to 75%.
  • We typically fund 75% of land purchase costs and 100% of construction/development expenses
  • Loans from £100,000 to £2,5m.
  • Expert Team & Relationships: We work with expert surveys who work closely with Developers to ensure funds are delivered promptly through the construction phase aiding cashflow.
  • Transparent and Responsive Service: With fast decision-making and clear dialogue, we support borrowers from initial enquiry through to delivery and repayment.
  • Unregulated Product: these Bridging loans are not FCA-regulated, they are not available for owner-occupied residential properties.
Learn more about our Development Finance

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