What was needed?
Our client was using a Special Purpose Vehicle, a specialist type of investment company, to purchase an office building in Newbury and convert it into 109 flats.
The client needed the capital to complete the purchase of the building as well as help towards the costs of converting the premises into residential units.
What did we do?
We discussed the client’s needs and requirements and then shopped the market and our panel of lenders for the best rates on a development loan which would allow the client to borrow the money of a fixed term and at a fixed rate of interest.
The client decided to hold on to the property and keep it in their property portfolio as an investment, arranging an development exit loan through ourselves once the development was completed, repaying the initial finance with a new, long term loan.
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