Signature Property Finance has completed a bridging loan to support the purchase and refurbishment of a three-bedroom terraced property in Worthing, West Sussex, enabling the borrower to step into the Buy-to-Let market with confidence and momentum.
Introduced by Rhys McAuley of RM Financial, the deal reflects Signature’s commitment to supporting those new investors with strong financial foundations, well-structured plans and a respectable team to support them.
Refurbishment to refinance
The borrower secured the property for £290,000, which was in line with its confirmed market value. To support the acquisition of the property, Signature provided a gross loan of £217,500, representing 75% loan-to-value [LTV].
The borrower funded £41,500 which was the total cost of the refurbishment. This involved them using their personal funds to install a new kitchen, bathroom, windows and internal decoration throughout the three floors. A 9 month term was agreed to allow the work to be completed and property to be refinanced onto a Buy-to-Let loan.
Good value and a great location
Located in the desirable Broadwater area of Worthing, the property is a traditional three-bedroom mid-terrace house, offering a spacious layout across three floors, off-street parking, and a large west-facing garden.
The neighbourhood is family friendly, with good local schools, convenient transport links into London and Brighton, and within a close proximity to Worthing’s town centre and coastline.
The property includes a lounge, dining room, and kitchen with French doors leading to the garden, two double bedrooms and a family bathroom on the first floor, with a third bedroom and an ensuite in the converted loft area. Once refurbished, this will be a desirable property.
Post-refurbishment, the estimated gross development value (GDV) is £375,000, a figure confirmed by the valuer and supported by recent sales data from the area. Comparable properties suggest similar homes in the neighbourhood average around £340,000.
Clean exit fully funded
The exit strategy is to refinance the property onto a Buy-to-Let mortgage, which is already being arranged through RM Financial. A second route of repayment, the property could be sold on the open market, with an estimated sale price of £375,000 which would equate to an exit LTV of just 58%.
This deal highlights Signature’s ability to support first-time property investors who combine financial strength with a clear plan and with the right team of professionals.
Rhys McAuley of RM Financial, said: “It is great to work with a lender who will support the ambition of first-time property investors, who honoured the original terms quoted.”
“Critically when dealing with a first-time investor, the communication was efficient, clear and accurate throughout, which instils confidence for all concerned. Sean and the Signature team really worked hard to make this a stress-free situation and I look forward to working with them in the near future.”
Sean Carbery, Relationship Manager at Signature Property Finance, commented: “Rhys from RM financial presented us with a well-organised, fully funded proposal backed by strong comparables and a realistic plan.”
“Worthing continues to be a popular location for property investors. Once the property is renovated to a high standard, it will result in a great return on investment.”