Property investors will often spot opportunities in the property market when they can purchase a property in need of some ‘TLC’ for a lower value. They’ll then spend some time & money refurbishing the property and then either flip (sell) at an increased value or refinance into their own property portfolio. Lenders have created specific products that offer an investor the flexibility that allows them to not only purchase the property but also to fund the refurbishment works.
BF24-7 Ltd were approached by a first-time property investor who had just successfully purchased their first investment property at auction. The property needed some TLC and required a full refurbishment, however the investor had used all of their funds to complete on purchase, We sourced a lender that saw the potential in the project and released funds against the current market value of the property which allowed for the full refurbishment works to be completed.