The Project
Our clients, who are experienced developers, were looking to add another property to their portfolio. The building, which is currently mixed-use commercial containing 2 retail units, has permission granted to be converted to 5 flats. Our Borrowers, however, wish to carry out the conversion based on a revised scheme of 7 flats and required an urgent Bridge Facility to secure the purchase of the property whilst they await the decision on their preferred scheme.
The Approach
We needed to act quickly and provide our borrowers with the funds they required to secure the purchase. We provided a Gross Facility of £161,000 with a redemption LTV of 70%.
The Outcome
Now that the acquisition of the property has completed, the Borrowers are able to focus on their revised planning application in order to convert the property in the near future.