As an experienced short-term property finance provider, Signature understand the importance of finalising deals quickly, allowing clients to proceed with their proposed projects on terms that have been tailored to meet their unique needs and requirements.

This commitment to providing an efficient and supportive service was once again demonstrated after the firm was approached by an experienced Sheffield-based developer.

The developer, who already had an extensive portfolio of residential investment properties, was keen to purchase a three-bedroom property in Oldham, which had fallen into disrepair and was in need of a full and thorough refurbishment.

In its current state, the property required a new roof, chimney works, new kitchen and bathroom and full plastering and redecoration – work that would be completed through the client’s contacts at an estimated cost of around £20,000.

Given the property’s condition, the purchase price was set at £83,500 – a relatively cheap asking price considering the demand in the area. Upon completion of the renovation, the GDV was estimated at £120,000 – £140,000, presenting the developer with a real opportunity to make a healthy profit, whilst providing affordable housing to local residents.

In order to complete the purchase, the developer required a gross loan of £62,625 on a 12-month term, which was deemed sufficient time to complete the refurbishment and refinance onto a Buy-to-Let mortgage.

Through a comparative price analysis of similar properties in Oldham, the project’s cost estimations and long-term vision were clear to see. As always, Signature conducted the necessary background and credit checks before agreeing the deal and providing the funds.

Of course, the client’s extensive experience of completing other residential refurbishments made this process much smoother, as there was immediate confidence in their ability to deliver the project within time and budget requirements outlined.

Bob Stones, Relationship Manager at Signature Property Finance, commented: “After meeting with the client and conducting the necessary analysis, the potential of this project was obvious, so we were more than happy to assist in the provision of a short-term development loan.

“Given the client’s knowledge and experience, the only thing that could disrupt the project were delays, so we worked quickly to agree a loan on suitable terms, ensuring the client had the support needed to progress.

“As a business, we are committed to improving the UK’s housing crisis whilst supporting developers and this project is a prime example of how we continue to do this.

“As such, we are very much looking forward to working with the developer over the coming months and I have no doubt that the final results will serve as a massive boost to the community.”

The developer added: “The Signature team has been extremely supportive throughout the process, taking the time to understand our vision for the project and working quickly to agree a loan on terms that meant it could be delivered as planned.

“It goes without saying that working with an experienced short-term property finance provider really does make all the difference, as their in-depth knowledge ensures no stone is left unturned and all the strict deadlines are met.

“Therefore, we would highly recommend their services to any other developer looking for a short-term development loan in quick turnaround.”