Momenta Finance provided a secured property loan for the refurbishment of a two-bedroom apartment located in Camden, London. The project involved the acquisition and renovation of a first-floor flat above a commercial retail unit, transforming it into a modern, high-quality living space.
Property Details
Type: First-floor flat above a commercial retail unit
Internal floor space: 592 sq ft
Features: Open plan kitchen/reception room, principal bedroom with en-suite, second double bedroom, family bathroom
Loan Structure
- LTV 75% (gross)
- Loan term: 12 months
- Refurbishment period: 3-4 months
- Sale period allowance: 6 months
- No exit or early repayment fee
Refurbishment Plan
The project aimed to transform the existing unit into a modern, high-quality apartment. Key aspects of the refurbishment included:
- Structural improvements to address exterior cracks
- Interior renovations to create an open-plan living space
- Installation of a new kitchen and bathrooms
- Modernisation of all fixtures and fittings
The Outcome
The refurbishment project has completed and has transformed a dated apartment into a desirable modern living space. The newly refurbished two-bedroom apartment now boasts an open plan kitchen/reception room, a principal bedroom with en-suite, a second double bedroom, and a family bathroom.
The property’s location on Brecknock Road in Camden has proven to be a significant asset. The area has developed a blossoming village vibe, becoming a hub for independent restaurants and amenities.
Local establishments such as Bread By Bike, Salvino’s, Healthy Wealthy, and Bumblebee Natural Foods contribute to the area’s unique character and appeal to potential buyers or renters.
The proximity to Kings Cross (less than one mile away) adds substantial value to the property. The nearby Granary Square and Coal Drops Yard offer an eclectic mix of boutique shops and foodie hotspots, set against the backdrop of Victorian heritage and breathtaking canalside architecture. The presence of major tech companies like Google, Facebook, and YouTube in the vicinity further enhances the area’s desirability.
Given the property’s prime location, modern amenities, and the area’s growing popularity, the post-refurbishment asking price is now £550,000. This outcome demonstrates the success of Momenta Finance’s investment in supporting this refurbishment project in a rapidly developing area of London.
Borrower Profile
The borrower’s career in real estate was initiated as an estate agent before a transition was made to a development land agency. A move into the lending finance sector was subsequently undertaken, where he was employed as an Investment Associate at a private development firm. Currently, through his company, MAROSET, focus is placed on building strong relationships and partnerships with professionals. Additionally, properties and lands are acquired where value can be added through planning and redevelopment.
Testimonial
“As a young property developer, securing financing for my initial project was a daunting task. However, working with Momenta made the process seamless. They were incredibly understanding of my situation, flexible in their approach, and remarkably quick in financing the bridging loan I needed. I truly appreciate their efficiency and professionalism and would highly recommend them to anyone in need of reliable and responsive financial support within the development sector.” – Aboubacar Traore, Director of Maroset
Conclusion
The Brecknock Road refurbishment project showcases Momenta Finance’s ability to support experienced developers in transforming properties in prime London locations. By providing a structured loan facility and implementing robust risk management measures, Momenta Finance enabled the successful renovation of a dated apartment into a desirable modern living space, potentially generating significant value for the borrower.
