Commercial to Residential Conversion Loan £480,000

The Requirement:

  • We had been requested to assist in the purchase of a commercial building in which our client through an option had
    gained planning for conversion to 7 flats (one studio and 6 x 1-bedroom flats).
  • The purchase price £300k, build costs £250k and GDV £780k.

The Good Stuff:

  • Funding provided for 70% of the purchase value.
  • 100% of works funded in arrears up to 70% gross development value.
  • Exit finance demonstrated at 75% of GDV on completion with a rate of 3.5% with a 1.25%  lending fee together with interest only.

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Napex Finance Ltd is registered in England and Wales No. 11595149. Registered Office: 78 Loughborough Road, Quorn, Leicestershire, LE12 8DX All rights reserved. Napex Finance Ltd is authorised and regulated by the Finance Conduct Authority (FCA) No. 827051. The FCA does not regulate some mortgage contracts.