Phone link
Phone link

Live chat


by Peter Davies on 8th October 2020



Coreco Commercial’s Peter Davies recently helped his clients refinance their High Street commercial property to allow redevelopment works to continue, after their existing lender withdrew funding part way through as a result of COVID-19.


The property in question was a commercial property comprising of a ground floor coffee shop and retail unit with office space above. Planning had been granted to convert the office space into six residential flats, along with a progressing application for a further three flats.

However, what made this case more complicated was the fact that Peter’s clients had already commenced the conversion work when COVID prevented their existing lender from funding the remainder of the development. This left the clients in an unfortunate position where without another lender, they were unable to complete the conversion.

The property was part of a wider portfolio and as a result a partial redemption of the existing single facility with the current lender needed to be agreed. However, valuations were required on the wider portfolio of properties and with lockdown measures in effect, this was a lengthy process that took time to get booked in, and subsequently report back on.


It was finally agreed that a facility to repay the existing lender was needed and to what degree. This would then allow the charge over the subject property to be released along with additional funding to complete the conversion. The client had managed to get the additional planning application agreed just prior to completion, therefore Peter was also able to pre-agree an additional drawdown once the initial loan completed.


Peter Davies


Written by Peter Davies


Starting his career in property and finance with Connells Estate Agents more years ago than he cares to remember, Peter was first employed as a sales negotiator before moving across into the Financial Services arm as a mortgage adviser. During this time he studied for, and passed, all three elements that make up the FPC qualification and in addition gained the CeMAP qualification. After 5 years with Connells he joined John Charcol in 2002. Based in the Canary Wharf office he remained with Charcol until joining Coreco in August 2009 shortly after the business was established. Better known as Taff, he now works within the Specialist team here at Coreco Towers dealing with the extremely varied requirements of their many clients.

Read more posts by Peter
DNA Shape DNA Shape

In case you missed it..


Overlay image


We know that all our clients are unique, and therefore the finance you require needs a different approach. We pride ourselves on providing a client focussed journey built around your needs and goals.

Overlay image
Overlay image


Our team always expresses their professionalism through their authenticity, high level of work ethic, and can-do attitude. We always find the best way for our clients to succeed.

Overlay image
Overlay image


Our progressive and forward-thinking outlook allows us to guarantee an exceptional level of innovative advice and service, ensuring an effortless, client-centric journey in the ever-changing financial world.

Overlay image


Want to talk to us?

Fill out the details below to start a conversation with one of the team.


    Advice you can trust