Exeter Finance provided a loan for a detached period farm house in 2.35 acres of land in need of renovation for purchase by tender agreement. This substantial house in an elevated location with superb views spanning the Mendip Hills with land and outbuildings is in need of complete renovation and modernisation.
Loan amount- £300,000
Loan duration- 12 months
The borrower’s tender was accepted for purchase and the funds were required within 28 days for a timely completion.
Pending sale of a further property, the client intends on creating a kennels and cattery complex with the property being ideally situated within close proximity of Bristol Airport. Renovation works are now underway to create boarding accommodation for the dogs and cats.
'I was referred to Peter Keech of Exeter Finance by a local mortgage broker. The purchase was by informal tender and there were several offers, so we needed to provide proof of funding. Exeter Finance gave confidence to the selling agents and vendor in order for us to complete the purchase within the agreed one month timescale. My solicitors worked closely with Ashfords Solicitors who acted for Exeter Finance and the completion deadline was achieved.'