Wembley: Shop and Residential Uppers
|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.