Development Conversion Loan to Convert Former Care Home to 9 New Flats.

The Requirement:

A client was looking to secure refinancing of a Development Conversion Loan to convert a former care home into 9 new flats.

The Interesting Stuff:

A client had a unique opportunity to convert a former care home into 9 new flats with a gross development value of £2,150,000.

Detailed planning puts the works at £930,000 and so the client needed to source a loan to repay the existing bridging loan, and provide a conversion facility to complete the works.

Due to what was needed, we used a specialist lender that could lend 90% of total costs and up to 75% loan to gross development value. This was our clients largest project to date and we worked very closely together to present the build costs, work with the quantity surveyor and assist in the valuation of the project.

How we helped:

Having many years of experience in the finance world, we were able to help ‘knowledge case build’ for the client. Supporting them in understanding many aspects that they were not confident with.