Loan amount: £357k
We were contacted by our client who owned a restaurant in the desirable Lanes area of Brighton worth £1.1m. The ground floor restaurant benefited from the addition of two flats located above the business premises.
As the footprint of the restaurant was considerably large they had decided to utilise this space by splitting the original two flats into four separate flats. At the time of contacting us however, they did not planning permission in place or the funds to complete the work in the first place.
Having approached his high street lender, and a number of alternative high street and online services, he was still unable to secure the funds required for the project. Following a local business forum meeting he was told about One 77 Mortgages Specialist Lending Department who had helped one of his peers family members with a recent property purchase in the city, and decided to contact us to explore their options.
Following a thorough fact find of the clients situation, and using our extensive network of lenders we were first able to secure the client the £82k they required for the planning permission application to be successful. Once planning permission had been granted we were able to secure the additional £275k they required for the development works to be undertaken and completed.
In addition to securing and providing the funds for the client we managed to minimise the interest payable on the loan by releasing it to the client in the two separate stages they needed it in.
Following completion of the development works the client let the four flats out and was able to secure a much greater rental yield than they had previously.
Are you in need of development finance or any other form of specialist property finance that the high street may have let you down on? Call our Specialist Lending department on 01249 474956 or complete the form below and we will be in contact.