Slough: PD Conversion From Offices to Residential
| Area | Slough |
| Value | £1,161,000.00 |
| Development Facility | £425,000.00 |
| Amount | £812,400.00 |
| LTV | 70% |
| 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.
