- 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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