The complex requirements of this case demanded close, consistent correspondence between our team, the broker and the developers. Our underwriter on the case visited the property and met with the borrowers and the appointed QS to discuss their plans for converting the unit. This was supplemented by comprehensive background checks which confirmed the borrower's experience and strong credit history. As a result of this due diligence, we were able to offer a highly competitive, 15 month solution at a rate of 0.60% per month. The drawdowns were carefully designed to support the developer in every step of the conversion process.
The client needed to take out debt on an unencumbered, vacant retail unit in Slough, England, to raise funds for onwards projects. They also required development funding to convert the security into 8 new apartments.
There's some exciting regeneration going on in this area and it's really satisfying to be a part of this. I'm confident that this will be a great addition to the local area, not least because of the developer's reputation for creating fantastic conversions.
It's good to work with a lender that shares our values in an efficient closing process and takes an interest in the developer and their project. This makes for a straightforward process and rewarding for all parties involved.