We were recently able to secure funding for a new company formed by four colleagues to begin their first development project.
The company is looking to convert an old office space previously owned by a national charity into residential properties.
Although planning consent for conversion into residential use wasn’t in place, nearby properties had been recently converted, making the risk of not receiving permission very low. The property also had a restrictive covenant placed upon it, adding to complexities.
Through our excellent relationship with Signature Property Finance and the Legal Team at Insight Law, we were able to secure a 12-month Bridging facility at 60% LTV to facilitate the purchase. Moving forward, we will support the development phase when planning consent is ultimately granted.
Deal Team – Haydn Thomas & Jamie Ringer (Cornerstone), Chris Buttle (Signature), Tom Howells, Rhodri O’Reilly (Insight Law)