Slough: PD Conversion From Offices to Residential
|Loan to GDV||65%|
|Loan Term||12 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.