Client looking to purchase 4 x vacant commercial units (light industrial) in a limited company. The units had full planning to convert to 4 x 1 bed resi properties in a commercial/resi location.
Security; 4 x vacant commercial units
Purchase price £450k,
Gross loan £296,310
Net loan £290,500 (64.56% LTV)
Term; 9mth term with full interest roll up
Exit; Switch to term finance
Total cost of works; £108k (funded from clients own funds)
GDV of £880k.
We have now arranged a BTL term loan on one application for all 4 BTL units at a borrowing of 75% LTV against a value of £945k