Our client, an experienced property developer based in Wigan, Lancashire, is in the process of building a large property portfolio. The borrower approached Seneca to secure funding for their second project with us. Our client’s requirement was a short-term funding package supporting the purchase and refurbishment of a 4 bedroom detached house. In principle, this deal was no different to the one Seneca had previously funded.
Seneca provided £172,000 on completion of the purchase of the property with a further £50,000 to cover the expected costs of refurbishment. The exit strategy will be via refinance over the next 12 months.
The deal was completed swiftly and Seneca now looks forward to financing the refurbishment costs. If our client’s previous project with Seneca is anything to go by, this will be another stunning transformation.