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