We provided a £450,000 loan facility to assist with the purchase at auction of a property in Brixton. The property was purchased for a consideration of £692,000 and consisted of a four storey Victorian house arranged as four flats, albeit without a formal planning consent. The borrower obtained a certificate of lawfulness for the current use of the property, completed a scheme of refurbishment at their own costs of approximately £100,000 and subsequently sold the flats individually generating sales in excess of £1,150,000. Our loan facility was repaid within 9 months.
