Seneca were approached to provide a bridging loan to aid in the purchase of a countryside cottage in Stoke-On-Trent. The client, who has extensive experience in renovation and rentals, plans to conduct minor refurbishments on the property using their own funds. Their end goal is to turn the cottage into a holiday let.
Despite the cottage being significantly down valued we worked closely with the borrower to restructure the agreement and reach a satisfactory outcome for all parties. Seneca were able to provide a facility of £640,000 to aid in the purchase of the property.
Following the provision of funds by Seneca our clients have been able to begin refurbishments on the cottage.