The planning application for the extension has been submitted. The full application form and plans submitted can be found below for our investors who are following this project.
We are thrilled we received word from the Neath Port Talbot council today, they approved our planning application to change the property from C3 residential to C4 House of Multiple Occupants for up to four people. Yay! There was a proviso of no accommodations on the ground floor, as per the flood consequences report, which…
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We had the pleasure of meeting a letting agent who is achieving rents beyond our expectations for HMOs in Swansea and Port Talbot and we decided to make them a part of our team. Hearing about the agent being an investor himself, how he disagrees with many letting agents on their methods and bedside manners with…
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Today we visited the work sites of two of the builders we are getting quotes from, to understand their work method, see them in their own environment, and understand likely costs of works based on their existing/ past jobs. We are still waiting for quotes, but based on the type of work we have seen…
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Here are some photos of the state in which we received the property before we started work on it. [s2If !is_user_logged_in()] Below here is some more info for people we know and trust. Check out how to read it here. [/s2If] [s2If current_user_can(access_s2member_level1)] [/s2If]
Today we met with 2 builders on site to get some quotes and ideas about the development. Walking around the property with the builders, we discovered the ease in which this property could be turned into a HMO at a relatively low cost as many walls are brick, and therefore the fire exit is protected. …
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We received the completion* confirmation email from the solicitor today! This is the 3rd and finalproperty in this JV, and our 4th property completed so far. *For non-UK readers, completion here means we have paid the full purchase price and the Title will now be registered in our name.
We are using 2 of our properties to secure a 64% LTV bridging loan with a commercial lender called Together Finance. We want to start relationships with the bridge loan companies and banks, and prove our capital adequacy and credit worthiness. So for now, we will pay the large interest rate (detailed below) and set…
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Bringing on a joint venture partner is a lot of work. It is really rewarding and incredibly satisfying to build a new relationship with a relative stranger to the point of money exchanging hands. The trust that you are taking on is a big responsibility, and we appreciate the trust that our investors have put…
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[featured-img]We have managed to secure a ‘home loan’ finance product for this property. Given the strategy is to get planning, extend and flip on eventually, this financing strategy is a good one for credit profile building. Using a local bank it would be a £53k loan at 60% LTV (under a primary residence home loan),…
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