complete commercial conversion, GL50
Our client was in the middle of converting his commercial property into 3 residential properties. Structural works had taken place, and the client now required funds quickly to complete the internal works, so he could receive his Building Regulation Completion certificate.
MT Finance solution
We provided the client with a first charge loan of £460,000 at 53% LTV based on an open market value of £860,000. Interest was retained at 0.89% per month, over a 12-month term without exit fees or ERCs. We didn’t require any personal guarantees.
Our short-term loan meant the client was able to pay the contractors and purchase the materials needed to finish the conversion. The client received his Building Regulation Completion certificate and refinanced out of the loan with a traditional buy-to-let mortgage from a bank, against his property’s higher value.