The client came to us with an acquisition in London and an interesting planning position. The building had a lapsed prior approval for a 3-flat conversion, which they've reapplied for, and they've also submitted planning for a 10-bed HMO scheme on the upper floors with the ground floor commercial unit retained.
We arranged a bridging facility covering both the acquisition and the full build costs, structured so that funds are in place for whichever scheme the client ends up progressing. Adding to the complexity, the retained commercial element on the ground floor narrowed the lender pool considerably. Underwriting a facility against two live planning routes on a part-commercial asset isn't something every lender will consider, so knowing where to place the file mattered.
From here we'll stay in close contact through the process and apply for the exit mortgage in good time to keep bridge costs down.
If you've got an acquisition or planning-led deal coming up, get in touch.
hello@scalepropertyfinance.co.uk
0117 427 4568
