A new borrower that required an urgent bridge facility to assist with the purchase of a mixed-use property. They had already exchanged, with contractual completion in two weeks; they received terms from another lender but following receipt of the valutation, the offer wasn't going to work for them. We were happy to step in and assist with their funding requirement and facilitate completion within 9 days.
The borrower required funds to convert a former office space in north Londond into a large, high-end apartment. We had 3 weeks before the client's development facility with another lender expired, which we achieved despite some last minute glitches. The client will now seek a comptitive BTL product to repay the brdge and hold the flat.
The subject property, situated on a vibrant high street, had planning consent to convert the upper parts from offices to flats. Ordinarily these sorts of loans are structured as medium to heavy refurb facilities, however the conversion works here were pretty straight forward. They included new windows, remedial works on the façade, and some boundary works to provide car parking and bike racks to finish the scheme. The borrowers decided to appoint a firm of local builders recommended by their architects and created a nice team of professionals.
We were able to facilitate a new borrower looking to purchase and refurbish two adjoining properties in central London. They had exchanged some months previously with deferred completion while they worked up planning. At the time of completion the dwellings were configured as HMOs with both properties being in a state of disrepair. The borrowers had planning granted for 16 flats and were looking for a lender to work with them while they finalised their build contract and other planning agreements. We offered them a bespoke facility which allowed them to meet their completion longstop date and gave them some breathing space to stabilise the assets.
This was a very interesting transaction where an experienced developer approached us to assist with the purchase and conversion of a large semi-detached house in west London. The property benefitted from Permitted Development rights to extend to the side and rear but the borrower wanted to apply for a double story extension and the conversion of some outbuildings. Unusually the borrower also owned the house next door where similar works being done were funded by another lender. We were able to extend an all-encompassing facility at higher gearing than what they had for next door, allowing them to make a start on the consented scheme but switch if planning was granted on the enhanced scheme.
We were approached by one of our key broker partners to structure a quasi-loan to offer both conversion and development finance on the same property for one of his long standing clients in Camberwell, south east London. At the time of our assessment this property was a commercial building (retail with offices on top) with permitted development rights to convert the offices into flats and full planning permission granted to build five new flats to the rear of the building. The four-storey new build element included the removal of some dilapidated outbuildings and excavation for the basement flats. Due to our in-depth knowledge of funding ground-up schemes client was comfortable to instruct us on both aspects saving himself thousands in legal and valuation fees.
We received an urgent request for finance from a new borrower for the puchase and renovation of a small, mixed-use building in Crowthorne, Berkshire. The borrower had exchanged with a deposit and the notice to purchase had been seved by the vendor. His funder had pulled out of the deal due to a low valuation and he now had 7 business days to complete. Lendhub took a view on the situation and managed to conduct due diligence and legals, and complete on the loan within the required timeframe.
Introduced by one of our most prolific introducers, this particular site had been acquired by the borrowers from a national home builder as vacant retail & office units in north west London. Having successfully carved up the units into smaller, more marketable commercial spaces, and having sold 8 of the 16 units, they were looking for a lender to work through the dip in the market due to the pandemic. We structured a facility that not only allowed the borrowers to refinance their much more expensive loan with an inflexible lender, but gave them some cash out for further acquisitions. We bought into the borrower’s ability to asset manage and their commitment to take steps to exit our facility.
We love these part-converstion part-new build projects. The Borrowers owned a bungalow on a large plot of land, with the bungalow needing refurbishment works. They had also recently acquired planning consent to build additional dwellings on the plot. We funded the refurbishment works the bungalow needed to achieve the highest possible market value, and we also funded the development of the new build dwellings.
We are assisting a repeat borrower with the purchase of a house and its conversion to a 6-bed HMO. The valuation came in slightly lower than the borrower had anticipated, reducing the day 1 loan. As a workaround, we agreed to reduce our refurbishment facility, so we could increase the day 1 loan and achieve what was required.
We were approached by these somewhat disgruntled developers to assist them with refinancing a bridge loan and putting together a development finance facility. They purchased a site with outline planning consent to build three houses in Harlow, Essex, with a bridge loan from another lender, but upon obtaining full planning consent were let down by the incumbent lender who had previously indicated their support. This was essentially a self-build project with one of the borrowers being the principal contractor. We were against the clock on this one from the start but manged to conclude all formalities and get these developers out in time before any costly extension fees.