Shop and Residential Uppers in Wembley
Area
Amount
LTV
Loan Term
Wembley
£448,000
70%
–
Asset in a desirable location. The borrower required a bridge to complete a quick purchase. We lent £448,000, 70% loan to value. The client will arrange to get the shop leased out and the uppers to be converted into an HMO under the permitted development scheme. The client secured a further facility of £60,000 for the conversion, which will be monitored via Q.S. and to be released in stages at 65% Loan to GDV. The client has HMO management experience. Once the project has been completed and is operational, client will then refinance on a buy to let mortgage.
