We were approached by clients who owned a property currently financed by Octane, that had been purchased with the idea of developing it into a 6-bed house. They were not experienced in development and had come to realise that a more profitable option would be to convert the property into 2 flats and wished to explore this option and look to gain additional planning permission.
Due to the change in the client’s approach to this development, they needed a further 12 months bridge finance as well as further funds and therefore approached Coreco Commercial to make this happen. Our talented adviser, Matt Karagul, was the perfect man for this job with his wealth of knowledge in the Commercial and Specialist development lending field; particularly with HNW clients, complex income structures, and portfolio landlords.
Matt was able to renegotiate the existing terms and lending position for the client’s new plans with Octane and agreed a 12 month bridge renewal at 70% LTV with a rate of just 0.85% per month.
Delays with the solicitors and lost documents threatened the client’s deadline but Matt was on the case at all times and was able to arrange an initial sum to be sent to the clients to meet their deadline needs, and then have the rest of the funds follow upon final completion – a brilliant and sensible compromise between all parties to ensure the client’s remained satisfied with the transaction.
Whether you’re an experienced Buy-to-Let investor or a professional landlord with a large property portfolio, you’ll want to ensure your property finance is constructed as efficiently and cost-effectively as possible. Chat to us today or call 0207 220 5100.
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