COMMERCIAL BRIDGE, London

Loan secured against commercial building in Thornton heath, london

Gross Loan amount: £1,874,936

LTV/ltgdv: 62.22% LTV

exit fee:0%

Location:Thornton heath

duration (term):12 months

Purpose: Refinancing an existing property to convert the property's current stature from a shell into 66 residential apartments.

This ten-storey detached building includes a 60 car parking lot making this a unique conversion project for residential apartments with the added benefit of attracting a younger demographic due to local accessibility and surrounding road and rail infrastructure.

The project value is £3.5 million, with an additional opportunity to increase the planning to provide 102 residential units - increasing the GDV to £18,170,000, from £15,925,000.

The developers' track record means we are happy with the loan repayment to be funded via development refinance.

deal team: Shahil Kotecha (relationship manager)