232_2022-04-01-10-29-53am.gif
Lender assists client with complex conversion

Lender assists client with complex conversion



Development lender Regentsmead recently helped a client with an interesting stable block conversion, where the developer had just agreed a sale….


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.”

 


Leave a comment