To support a property developer to refinance and convert a former commercial unit to create three residential flats in Leeds. The property was already owned by the developer who had obtained planning permission to convert the property earlier in the year.
Seneca advanced funds to refinance the existing lender and provide a funding package to support the conversion costs. The borrower is employing a main contractor to do the works. The developer aims to achieve a GDV of £360k upon completion of the conversion.
We worked closely with the broker and the borrower on this deal to support the purchase and fund the conversion costs. Once complete the property will consist of three modern residential flats in a residential area just outside of Leeds city centre, ideally suited for young professionals in the area.