The team at recently helped an established developer to purchase and renovate a property on the open market that was in need of refurbishment.

The property located in Sutton, Greater London, was on the market for a significant period of time for £255,000, but due to needing refurbishment of £15,000 had not been sold.

By utilising the finance options made available, the client was able to quickly secure bridging finance of £219,000, to purchase the property for £204,000 and renovate it.

Once the property was refurbished, it was revalued at £310,000 meaning that the client could realise a profit of £91,000 if it was sold.

However, the client opted to rent the property out and as a result the Seek team were able to help them secure a buy to let mortgage that enabled them to release equity from the property (accessing some of the profit made) and pay off the initial bridging finance.

Before & during refurbishment:


After refurbishment: