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.
GDV - £645,000
Project completion time - 12 months
“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.”