£2.4m refinance in Fulham to clear a second charge and fund final works
Listen to the audio version
The project
Two experienced property investors had converted two adjacent properties in Fulham from offices into residential units under permitted development.
Both schemes were funded by Lendhub, and the borrowers were looking to refinance while releasing additional equity to fund the remaining cost of works and clear a second charge held by another lender.
With the sale approaching, the investors wanted to bring their borrowing into a single position.
What we funded
We provided a £2.4m bridging loan to refinance our existing facility, redeem the second charge and fund the remaining works. It includes a £385k equity release to clear the second charge.
The two properties were valued at £3.6m combined, putting the loan at 67% LTV over a 12-month term.
Where it stands
At completion, one property had already attracted interest from a cash buyer. The planned exit is the sale of both properties, and the 12-month term allows time to finish the works and market them.
The deal was delivered by Jack Bruce, Relationship Manager, and Theo Goodman, Credit Manager.
