GROUND UP DEVELOPMENT
Purchase refinance and 100% development loan to convert barns into residential houses
Loan amount: £1,030,000
LTC: 60.34% / LT-GDV: 56%
Purpose: The borrower approached Pivot to refinance an existing lender who had provided a loan to purchase the 5 derelict barns. Pivot also provided a development loan to convert the barns. Basic ground works had commenced such as installing drainage and services but no actual work had yet started on the barns.
Exit: Sale of the 5 barns.
Interesting facts: The previous site owner was an acquaintance of Pivot’s borrower and there was an element of gifting involved in the original land transfer. Pivot allowed the vendor to have a second charge on the property until the project was complete and the full land loan repaid.