Our clients came to us in need of funds to repay the existing Lender on their property in Portsmouth. Additionally, they also required funds to convert the 3 bed terraced property into a 7 bed house in multiple occupation in accordance with planning permission.
Despite the significant down value of the property, we worked closely with both the Broker and Borrower to find a solution and complete quickly. Seneca were able to provide £110,000 on completion towards the refinance and 100% of the build costs.
The clients are now able to begin the conversion works and drawdown from their development facility.