£1m bridging loan turns rundown mansion into luxury apartments

£1m bridging loan turns rundown mansion into luxury apartments


A London-based short term lender is celebrating after funding a £1 million refurbishment loan, helping to transform a large rundown property into seven stunning apartments and a four bedroom house.

Following a record first two quarters, West One Loans completed a series of loan instalments, funding the Streatham-based property’s renovation over a period of ten months.

Property developers Masterworks Investments were introduced to the lender in 2009, after failing to obtain funding from mainstream banks who wouldn’t ‘take the time to understand the deal.’

Janet, of Masterworks, explained: “The high street banks would only lend against the purchase price, which was very low, and didn’t reflect the work I had already carried out on the property. Because the original purchase price was so low I couldn’t acquire adequate funding.

“West One looked at the project as a whole and took time to understand my venture. We got on brilliantly – on both a professional and a personal level – they were a pleasure to work with.”

Chairman of West One Loans, Duncan Kreeger, was immediately attracted to the proposition: “I met the whole team, including Janet and Trevor, and I was impressed right away. Trevor was the builder and he also had an interest in the deal. His vast experience in the trade was evident; I could see his ability to see the project through.”

West One Loans provided the loan over fivestages at 1.5% pm. As well as the seven flats, Janet and her team renovated the two-storey semi-detached house attached to the side of the property, preserving the original features throughout.

“It’s a great purchase which has had a huge amount of value added, but mainly due to the immaculate finish of the build and the short timescale that the team managed to complete the work in,” explains Duncan.

“But it was only after we took the time to visit the property and meet the borrowers that we saw the property’s potential, and the result has been incredibly rewarding.” 

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