- Amount – £240,000
- Term – 1 year
- Purpose – To assist the development of a commercial property unit conversion from a residential property
- Summary – Client had acquired a derelict residential property and obtained planning consent to convert it into a commercial retail unit. The client then intended to operate the retail business from the completed unit. The location of the property, the complexity of the redevelopment and the fact that the client would operate the completed unit themselves made this a challenging case to finance however we were able to secure a development loan which the client was able to draw in 3 stages. The completed unit was valued in excess of £500,000 and once the client was operating for a few months, the development loan could be refinanced onto a medium-term repayment owner-occupier loan facility.