Wellesley funds £644k for Fulham refurb

Wellesley funds £644k for Fulham refurb




Wellesley Finance has completed a £644,000 loan to refurbish a property in Fulham..

Wellesley Finance has completed a £644,000 loan to refurbish a property in Fulham.

The lender worked with a highly-experienced property trader who purchased a large one-bed flat and undertook a high quality refurbishment which included a change in the layout of the property.

The property was purchased for £650,000 and had an after works valuation of £850,000.

Tom Clark, Head of Bridging at Wellesley Finance, said: “Over the past eight months we have set up and fully integrated the short-term finance team and refurbishment team into Wellesley - often partnering with our development finance team providing short-term finance, refurbishment through to development facilities for housebuilders.

“The team continues to go from strength to strength with a successful 2015 which has been further complimented by a very positive start to 2016.

“We have seen some great successes on short-term finance and light refurbishment loans, and are supported by a strong panel of brokers where we have already completed multiple loans for clients which is testament to the strength of our team, service and process.”

This year, Wellesley is looking to expand its broker panel, launch new products and launch its online broker portal.

Fact file:

Loan: £644,000
Purchase Price: £650,000
After Works Valuation: £850.000
Loan to Value: 75% of purchase on completion, 100% costs funded in arrears and interest rolled up to 75% of the after works value.
Margin: 0.90% a month
Term: 12 months
Fee: 2%

Product Details:
  • Professionals, experienced investors and developers 
  • 75% of market value on purchase, up to 100% of costs funded in arrears together with interest rolled up to 75% of the gross development value 
  • Immediate application in principal
  • Fully approved within 10 working days
  • Funds typically available within three weeks
  • Experienced property valuation panel with local knowledge and area expertise 
  • Quick and straight forward process
  • Terms up to 12 months 
  • Interest roll up or serviced 

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