Development lender Regentsmead recently helped a client with an interesting stable block conversion, where the developer had just agreed a sale…
The project which was situated in Deepcut, Surrey, involved the conversion of a pool room and a stable block into a bungalow and a two-bed detached house.
Site cost - £180,000
Build cost - £250,000
£90,000 - advanced on completion towards site value.
Further facility - £210,000 towards build costs.
GDV - £645,000
Project completion time - 12 months
Pictures below:
Commenting on the completed deal, Ashley Ilsen of Regentsmead stated: “The project itself was unique in the fact that we were dealing with an old pool house and stable block - not your everyday conversion by any means.
“This is where the experience comes in – it gives a lender great comfort to know that the borrower knows what they are doing. When it comes to conversions there are numerous things that can go wrong.”
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