Purchase to convert into HMO, RH10
Our client required funds to complete the purchase of a commercial property, which they planned to convert into a house of multiple occupation (HMO). The vendor had set a specific timescale for completion, therefore the client needed to act quickly in order to capitalise on this valuable opportunity.
MT Finance solution
MT Finance provided a first charge loan of £960,000 at 59% LTV, seven days before the client’s deadline. Interest was retained at 0.79% 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 purchase the property before the set deadline. The client will exit the loan by arranging development finance to fund the HMO conversion.