Wembley: Shop and Residential Uppers
| Area | Wembley |
| Value | £648,000.00 |
| Development Facility | £60,000.00 |
| Amount | £448,000.00 |
| LTV | 70% |
| Loan to GDV | 65% |
| Loan Term | 12 Months |
This borrower required a bridge loan to complete a quick purchase for a shop and upper in a desirable location. Fortys lent £448,000 at 70% loan to value. The client will arrange to get the shop leased out and the uppers converted into an HMO under the permitted development scheme. The client secured a development facility of £60,000 for the conversion, which will be monitored via Q.S. and be released in stages at 65% Loan to GDV. The client has HMO experience. Once the project has been completed and is operational, the client will then refinance on a buy to let mortgage.
