A first-time property developer looking to convert a derelict former cinema and nightclub into a semi commercial property consisting of 3 commercial units and 25 apartments.
The client had an option on the property and gained planning for the conversion whilst the option was in place. Due to the increase in value based on the planning gain, our lender was able to provide the client with 90% of the purchase price. The client had committed extensive funds obtaining the planning, the option to purchase was due to expire and therefore the client was keen to complete quickly.
Our lender provided the funding to complete the purchase, resulting in significant equity uplift due to the planning gain. The client was able to secure the property for more than £200,000 under market value.
Funded: £465,000 Property Type: Commercial & Residential Funds For: Purchase Timeframe: Urgent Purchase
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