Case study 3
Product: First charge development loan
Security: Commercial property in West London
Gross Loan: £1,900,000
Term: 18 months
Borrower Type: Individual
Purpose: The loan enabled the client to redevelop an existing commercial unit into nine four-bedroom mews houses in West London.
Exit: Sale of developed properties once complete
- The planning permission for conversion into residential houses was already in place at the time of completion.
- Development money was released in tranches upon receipt of satisfactory independent monitoring surveyor’s reports.
- Borrower had cost overruns so we lent a small additional amount to cover this.