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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