We are now funding HMO conversions on an almost monthly basis.
And our most recent project was a for a client in Coventry. Where there are a glut of HMO opportunities. This particular opportunity was to convert an old end of terrace house into a 5 bed HMO.
Our client had a agreed a purchase price of £150k, refub costs of £83k producing a GDV of £277k.
The refurb took 6 months. Using the client’s in-house build team.
We are now working on the refinance of the initial facility onto a long term 5 year option.