Signature Property Finance has completed a £140,250 light refurbishment loan to support the purchase and upgrade of a three-bedroom terraced house in Manchester, backing a trades professional with hands-on construction skills and existing buy-to-let experience.
Another introduction by Ben Gauci of Cornerstone Finance, the transaction demonstrates Signature’s continued support for borrowers who combine practical trade skills with property investment experience.
Qualified tradesperson with portfolio experience
The borrower is a qualified electrician who currently operates a small buy-to-let portfolio. His trade background provides capability to oversee and contribute directly to refurbishment works, reducing reliance on external contractors and maintaining cost control.
The property was acquired for £140,000 with plans for comprehensive internal upgrading. Signature’s facility is set at 66% loan-to-GDV and 85% loan-to-cost against a gross development value of £210,000, funding both the purchase and 100% of improvement costs via staged drawdowns.
The 12-month term provides time for the estimated six-month refurbishment programme and subsequent refinancing onto a buy-to-let mortgage, with works covering general upgrading throughout the property.
Well-connected north Manchester location
The property sits approximately three miles north of Manchester city centre in a predominantly residential area with good access to local amenities and public transport. The location benefits from proximity to the A664, providing direct access into Manchester and connections to the M60 motorway network.
Regular bus services connect the area to Manchester city centre, Middleton and Oldham, with Manchester Victoria station around 2.5 miles away. Local amenities include supermarkets, schools, parks and community facilities, supporting the area’s appeal to both families and young professionals.
Buy-to-let refinance with strong foundations
The primary exit is refinancing onto a buy-to-let mortgage following completion of the refurbishment works. Rental comparables indicate achievable monthly rents at the upper end of the local range, providing interest coverage of 178% against stressed rates, well above standard lending requirements.
The borrower’s qualifications enable him to manage the project efficiently while maintaining quality standards. As a secondary option, the property could be sold on the open market, with comparable evidence reinforcing the valuation.
Ben Gauci of Cornerstone Finance commented: “When someone has genuine trade skills, these refurbishment projects rarely feel complicated. This borrower can do much of the work himself and knows exactly what needs doing, which gives everyone more confidence in delivery.
“Manchester continues to offer solid opportunities for investors prepared to take on properties needing work. At £140,000 for a three-bed terrace this close to the city centre, the fundamentals are there.
“The consistency we’ve developed with Josh and Signature means we can move quickly when the right opportunities arise, and this level of responsiveness is the difference between securing or losing a property in competitive markets like Manchester.”
Josh Barrett, Relationship Manager at Signature Property Finance, said: “Qualified tradespeople often make excellent borrowers for refurbishment projects. They understand costs realistically, spot potential issues early, and can contribute directly to the work.
“Three miles from Manchester city centre with transport links and local amenities makes this a practical location. The comparable sales on the same street provide solid validation of the £210,000 post-refurbishment value.
“This is the fourth case Ben has brought to us in quick succession, all of which have been well structured and met our criteria. Our mutual understanding allows us to assess quickly and provide certainty, which benefits everyone involved. It’s how all lending relationships should function.”