Clever Lending secures £1.1m from MT Finance for purchase and renovation project

The one-year facility, agreed at a 50% LTV, was provided by MT Finance, and was structured across two properties — the current and the purchase one.

The client needed the funds to acquire the dwelling — priced at £920,000 — and renovate it to create a four-bed detached farmhouse set on a 2.5 acre site.

The borrower will repay the facility after selling their current property for £1.4m.

The case was introduced to MT Finance and handled by Clever Lending’s bridging and commercial specialist, Matthew Dilks (pictured above), who established that a regulated loan would fit, as the client would live in the new property.

“We’re happy to take on cases which deviate from the norm, because we have the expertise and relationship with lenders to make an application work,” said Matthew.

“In this instance, it made sense to opt for a regulated bridging loan and we found a lender that was happy to take on a derelict property, needing full renovation and offered reasonable rates in the process.”

David Kingham, senior underwriter at MT Finance, added: “This was a complex case and one which really required us to think outside of the box. 

“Collaboration and strong levels of communication between ourselves and Clever Lending ensured that this progressed smoothly and ultimately completed.”