Bridging Finance Solutions has provided a development loan of £227,000 for the acquisition and development of a chapel in Leicester.
Under the plans, the stunning chapel was to be redeveloped and reconfigured for residential use with full planning in place. The client, a kitchen fitter by trade, owned an all-round knowledge of the various disciplines within building and planned to carry out the majority of the work himself.
A development loan was required to help purchase the chapel and refurbish/convert the interior. Once completed, the GDV of the property is expected to be in the region of £315,000, presenting a healthy 30% return on the investment.
Becky Meyers of Bridging Finance Solutions explained; “A traditional mortgage was not available for this type of conversion, therefore, the client required a development lender to take a bespoke view on the project, which as an independent business, we are able to do.
“There was a lot of ongoing communication between ourselves, the broker and the client and together we were able to realise all of the client objectives.”
Becky added: “This case also represents how we are able to consider loans of projects of and scale and size and will apply a consistent process and approach in terms of application review and outcome.”