West London extension and loft conversion

A client borrowed £600,000 against a market value of £950,000 (63% LTV) to add a cellar and loft conversion to a 4-storey mid-terrace house. The loan, with a 6-month duration, was used to redeem the current mortgage, leaving an additional £75,000 to carry out the works. Once finished, the property was marketed at £1.2m. As the property didn’t sell within the original 6-month period we extended the loan by two months and the property subsequently sold for £1.1m. The loan redeemed in full in June 2015.