The borrower approached Seneca for a bridging loan to support the purchase of a 3 bedroomed terraced residential property in Swindon, for buy to let purposes. The property was in need of refurbishment. The borrower, who has vast experience in refurbishments of this kind, intends to bring the property to a good standard for rental purposes using its own funds.
As a classic straightforward bridge, following the property being valued at £200,000, Seneca advanced £117,000 to support the acquisition.
The borrower was pleased with the outcome and is now taking steps towards renovating the property with a view to refinancing Seneca upon completion of the works in due course.