We provided the client with a 12 month loan term, ensuring that they had the time necessary to secure planning and exit onto a development loan. Despite the complexities of the case - notably the vacant commercial nature of the property and the absence of planning permission - we delivered 60% LTV at a rate of 0.79% per month.
The borrower needed funds to purchase a dilapidated 2-storey vacant commercial office unit, with the aim of securing planning to convert the office into six modern flats.
Being an effective underwriter means considering each project holistically. It would be easy to look at the vacant commercial aspect of this asset and dismiss it outright. We, however, saw potential in the borrower's vision and worked hard to turn it into a reality.