Case study 2
Product: First charge loan secured against a mixed-use scheme
Security: Shop with 2 residential units above in North London
Gross Loan: £1,350,000
Term: 8 months
Borrower Type: Individual
Purpose: The loan was used to purchase a shop with residential units above. The borrower wanted to apply for planning permission to extend and increase the number of residential units.
Exit: Development finance once planning had been accepted
- An external planning opinion was sought based on the borrowers proposed scheme. The planning opinion was positive, subjective to some minor adjustments.
- It was a condition of the loan that the recommendations of the planning opinion be followed, to maximise the possibility of obtaining planning permission.
- Evidence of development finance was provided prior to completion.