Stranger things have happened but…
Seneca Bridging completes a bridging loan in Kilcreggan and, during the same week, is repaid by an existing client in a conversion Seneca funded in Fife.
The Bridge in Kilcreggan
A new client, introduced to us by another lender, required a quick bridging loan of £130,000 to repay their existing lender on the property, settle some personal debt and to carry out refurbishment works on the property.
The property, a 3-bed villa located along the stunning coastline of Kilcreggan, carried a £100,000 charge with an existing lender. The valuation was instructed and conducted at the earliest opportunity and the case quickly completed with the help of the client and solicitors involved.
Our client is now looking to spend around 3 months on the refurbishment and then place it on the open market.
The Repayment in Fife
Within a week of completing the above bridging loan, Seneca Bridging was repaid on a complex conversion of a former sports centre in Fife, around 5 miles from the University of St Andrews.
The conversion of the unhabitable hall at the time had the benefit of planning permission to turn it into two 3-bed properties as well as to construct a 5-bed detached property within its grounds.
In addition to providing the balance of the purchase price, Seneca advanced £85,000 in two equal tranches to complete the conversion. The demand and interest in the completed properties were such that Seneca was repaid 5 months early.
Whether it’s bridging finance that’s required, or funding a conversion, or a multi-unit ground-up development, Seneca does it all. We have the experience to quickly get to the nub of the deal. We have the resource to act quickly.