Open Property Group stepped in to purchase an unfinished building project. Works had been ongoing for 2 years and the costs far exceeded the initial budget. The situation was causing undue stress for the property owners.
There was a bridging loan outstanding and the interest rate was high, therefore the holding costs were excessive. OPG were able to purchase the property which was uninhabitable and complete the major building works.
The property was unmortgageable and therefore couldn't be sold easily on the open market as it would only appeal to cash house buyers.
The property was renovated to a high standard and sold on the open market, the property was purchased, renovated and sold within 27 weeks.
If you wish to sell an unmodernised property in any condition, please contact us today.
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