Inspired Lending has completed a £1.1 million bridging loan to fund the acquisition and structural refurbishment of a substantial detached house in South Yorkshire.
The property had experienced extensive damage as a result of significant structural movement caused by a badly installed ground source heat pump. At the time of purchase, the building had been stripped back to its shell. Although a structural survey confirmed the property remained fundamentally sound, extensive remedial work was required. This included the partial rebuilding of external walls and a full reinstatement of all non-structural elements.
The funding package, which combined a first charge on the property and a second charge on another asset in the borrower’s portfolio, enabled Inspired Lending to advance 100% of the purchase price.
The £385,000 refurbishment element was made available in staged drawdowns, providing the borrower with a flexible facility to manage cashflow through the build.
The borrower, an experienced investor, is understood to be exploring a planning application to extend the second floor. Inspired Lending has indicated it would consider supporting any future uplift in funding if the extension receives consent. The property will be sold once works are complete, with a strong return expected given the potential value uplift.
The transaction coincides with the arrival of Nathan Wilson as lending manager, bolstering the lender’s capacity as it seeks further growth. His appointment follows Inspired Lending’s recent membership of the Bridging and Development Lenders Association (BDLA).
Gavin Diamond, chief executive of Inspired Lending, said: “We regularly work with experienced borrowers on complex refurbishment projects like this one, where flexibility and a deep understanding of the underlying asset are essential.
“In this case, our ability to structure a facility that covered 100% of both the purchase and the build costs meant the borrower could move quickly and make the most of a high-potential opportunity.
“This case reflects our core values: delivering bridging finance grounded in common sense, driven by experience, and delivered with speed, clarity and honesty.”
