Bridge for below market value purchase of mixed-use property

As the client was a first-time buyer/landlord, the mixed-use nature of the property gave us confidence that the guarantor did not intend to live in the property. Given it was also a below market value purchase, they had an obvious reason for looking to acquire the property.

The client was happy to provide proof of funds that they would use to complete the purchase and fund the required light refurbishment works. When our expert valuation partners inspected the property, they agreed with the client’s assessment of the cost of the works.

To assist the client during the few months that the refurbishment works were due to take, we agreed to a part-retained, part-serviced interest payment schedule so that the serviced interest portion would begin when all three parts of the property were able to be let.

As the client intended to make this the first property in a potential portfolio, we assessed the likelihood of being able to refinance into a term loan, and we were satisfied that this would be achievable. As a result of this, we were happy to provide the bridging loan funding they required.

To learn more about KSEYE’s mixed-use bridging, including our rates at different LTVs, visit our dedicated product page.