Case Study: £97,500 Acquisition 7 Days

Here's an exciting new case study about a property at 10a Sedgley Avenue Nottingham for an acquisition bridging loan:

Patroclus Ltd is a full service design and management company who operate nationwide, specifically focusing into locations with high student populations. They specialise within the HMO and student accommodation space, predominantly with the clear goal of providing their clients with a superior standard of living.

The company has gone from strength to strength since its inception in May 2016 and now operates a growing portfolio, which has seen a consistent increase in turnover year on year. This latest investment was an opportunity for the company to consolidate their position within the Nottingham HMO sector.

As with many property portfolios, liquidity can be a hindrance when quickly look for finance to secure the next opportunity. Sedgley Avenue, Nottingham provided such a situation where the company needed to raise funds fast for the purchase of this rundown storage and garage premises. They wanted to re-develop it into a six bedroom HMO.

Patroclus approached Mint Bridging looking for funding options and help with efficiency being a key concern. Following conversations regarding the current business, its financial situations, recent history and future plans, we were able to provide a number of financial solutions. Here are before (left sides) and after (right sides) images:

With the plans to purchase the property via the loan and develop the project using their own funds, Mint were able to offer funding within 28 days. Once the finance was deposited by Mint, the company quickly purchased the property and began their 14 month development of the site in Nottingham. 

What the client had to say about working with Mint

“Our client had funded their development with a well-known bridging lender. The development of apartments were all completed and on the market for sale but the current lender refused to extend the term, and instead was threatening an LPA receiver. We successfully worked with Mint to refinance the loan, providing our borrower with enough time to sell the flats and realise their profit.”

Aaron Sinclair, Mint Bridging Customer