Vickery Holman valuation team in Bristol were instructed by a lender to value a block of 4 flats in the popular Bristol suburb of Clifton. Their borrower wished to secure funding for the conversion of the property from a block of 4 flats into their own single private residence. Securing funding for refurbishment on behalf of a lender is a common instruction for our RICS Registered Valuers.
The purchase price had been agreed for the property, however, the initial valuation as a single residence did not meet the level required to secure development funding.
We provided a second valuation of the property for an alternative option, for the borrower to refurbish the existing flats and retain the block as an investment, rather than convert to a single residence for the borrower.
The new valuation met the criteria for the lender and lending was secured by the borrower for the refurbishment of the flats.
Our experienced team is ready to assist with unparalleled regional advice.
