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Large residential loan to convert two houses into eight flats

02 November 2017
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Product: LR13

Loan amount: £971k

LTV: 75%

A plan to convert two adjoining three-storey terraced houses in Croydon into eight self-contained flats used a Short Term Loan with a view to moving to a term loan. The loan was close to £1million at 75% LTV.

Following our policy for a personalised approach on complex cases, Shawbrook met with the broker and borrower to discuss the proposals. Together we agreed on a strategy to create separate leases on the four flats in the first of the two houses to be developed. This would allow the borrower to refinance and continue development of the second house, selling all eight flats within 12 months.

Despite the legal complications, the loan was completed in just 15 business days after the solicitors were instructed.

Highlights

  • rates from 3.23% above 3m LIBOR
  • up to 75% LTV
  • fixed rates of 3,4 and 5 years available
  • single dwellings, portfolios, HMOs

 'My client is thrilled with the expert level of service they received.'

Max Mace, NM Finance