Barn conversion, SG9
Client had recently purchased a barn and its surrounding land for £400,000 through an SPV and required £236,000 to develop the asset into 3 residential dwellings. Once the works are completed, the asset was expected to fetch a value of £1.8m.
MT Finance solution
In just 10 working days, we provided an initial loan of £160,000 at 40% LTV. Interest was retained at 0.80% over an 18-month term. No personal guarantees were required.
By using MT Finance, the client was able to fund the initial works quickly, with the remaining funds being released in stages, allowing the project to be more cost effective for the client. Once he completed the conversion, he sold the asset at its higher value to exit our loan.