Uninhabitable Property Refurb for Owner-Occupation in Cardiff
£215,000 · 9 months · 0.92% pm. A couple purchased an uninhabitable Victorian terrace in Cardiff at a significant discount, planning to refurbish it for their own occupation.
The Client
Couple
The Challenge
A couple purchased an uninhabitable Victorian terrace in Cardiff at a significant discount, planning to refurbish it for their own occupation. No residential mortgage lender would advance on a property without a working kitchen and bathroom.
Our Solution
Doulton provided a £215,000 refurbishment bridge covering the purchase and phased works. Upon completion of the refurbishment the couple planned to take a standard residential mortgage to clear the bridge.
The Outcome
Property transformed from uninhabitable to a high-quality family home in seven months. Residential mortgage advanced at a value 31% above purchase price, redeeming the bridge with funds to spare. Key highlights: Uninhabitable property accepted; Owner-occupation exit via residential mortgage; Equity created - value 31% above purchase price.
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