Slough

Slough: PD Conversion From Offices to Residential

Area Slough
Value£1,161,000.00
Development Facility£425,000.00
Amount £812,400.00
LTV70%
Loan to GDV65%
Loan Term12 Months

This office building benefits from permitted rights and received prior approval for conversion to a full residential scheme of 12 self-contained flats. The borrowers are experienced developers with a proven track record of similar projects. Fortys refinanced the facility for £812,400.00 at 70% LTV. In addition, the clients secured a 100% development facility of £425,000.00 which will be monitored via Q.S. and be released in stages at 65% Loan to GDV. Upon completion of the project, the borrowers will refinance our loan with a Buy To Let mortgage.

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