Halifax — Holiday Let

Our client recently purchased her first residential property. The house was purchased for cash and included a detached barn, which she wanted to convert into holiday flats to let out. Our client had some basic knowledge in the building industry but little demonstrable experience of actual residential development, which mainstream lenders list as a key requirement before funding.

Lack of experience within holiday lettings

Through our contacts, we secured a lender willing to accept the client’s lack of experience. This lender also advanced in stages, providing 100% of the development finance needed to complete the renovation project. Due to the client’s highlighted lack of experience, we helped introduce her to known local “fixed price” property development specialists, such as solicitors and builders, whom the client used to enable a smooth transaction from the receipt of funds to the completion of the project.

UK Property Finance kept in regular contact as agreed with our client throughout the project, and the knowledge and experience of our staff helped to ensure the project was kept on track throughout, on budget, and within the timeframe.

Upon completion of the project, the title was split, and we secured a long-term commercial buy-to-let mortgage, which will be funded by the income generated from the holiday rental business.