Our experienced clients were purchasing a grade II listed building with full planning to convert to 7 x self-contained flats (via a company share purchase)
Security; Three storey mid-terrace Grade II listed building Purchase price £1m Day 1 loan; £706,068 Refurb element; £493,700 Total Gross facility; £1,316,000 Day 1 OMV; £944,151 75% LTV GDV; £1.880m LTGDV; 70% Term; 12mths Exit; sale
Our client was looking to purchase a site in a limited company name to Demolish the existing house and develop a three storey detached double fronted block of 9 flats (5 x 1 bed and 4 x 2 bed)
Purchase Price; £1,000,000 Development loan; £1,027,000 Total facility including interest £1,779,750 Gross loan day 1 £640,872 Term; 18mth term GDV; £2,825,000 LTGDV 63% Exit; sale
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
LLH Flat Purchase – light refurb and lease extension
Our client was looking to purchase a LLH flat (66yrs) to spend £40k on works to the property including re-wire, plumbing, new bathroom, kitchen and en-suite to master bedroom (no planning needed and no structural works) and to also extend the lease throughout the bridge to 125yrs
Security; 2 bed long leasehold flat Purchase Price; £450k Loan; £306,172 (68% LTV) Term; 12mth bridge Cost of works; £40k (funded from client’s own funds) GDV; £750k
All works were completed, and we are now arranging finance to switch to a term loan with the same lender on a loan amount if £507k against £780k value on a 5yr interest only term.
Security; Our clients developed a site of 37 light industrial units – they chose to retain 16 of the units and switch from development finance to commercial term finance. Some units were still vacant on completion.
Security; 16 x light industrial units Value; £3,688,000 Loan; £2,361,450 (64% LTV) Term; 5yr term Repayment; Interest only
Security; Our clients developed a site of light industrial units – they sold some off and chose to retain some by switching from development finance to a commercial term loan.
Security; Portfolio re-mortgage of 6 x light industrial units and an office building. Value; £1,590,000 Loan; £1,158,750 Term; 5yr term Repayment; Interest only
Our client was looking to purchase a resi 4 bed property to undertake some very light refurb works to convert to a 5 bed licenced HMO. His long-term intention was to apply for planning to develop a block of flats. Mainstream lenders declined due to the commercial location of the security and so a more specialist lender was required;
Security; 4 bed detached property Purchase Price; £600,000 (vacant possession value) Loan; £450,000 (75% LTV) Term; 2yrs Repayment; Interest only