The developer required a funding package supporting the purchase of a large terraced house in Derby and funds towards the renovation and conversion of the property into a 6 bed HMO which consisted of 1 x double room with en-suite bathroom and an additional 5 x double rooms with en-suite bathrooms and kitchenettes. The property had not been lived in for many years and had structural issues. The proposed conversion was supported by a fixed price contract with a longstanding local main contractor.
Seneca liaised with the developer, its project manager and Seneca’s QS and reviewed the structural inspection reports and, by adding an additional contingency to cover possible remediation works, Seneca proceeded with the deal. Seneca provided £90,000 towards the purchase of the property and a further £155,000 to fund 100% of the build costs.
All professionals involved helped to get this deal over the line and Seneca now look forward to seeing the transformation of the property over the coming months.