The client required the facility — agreed at 85% LTC — to purchase the property and to enable them to convert the care home into seven high-quality houses once the planning permission was approved.

The case posed difficulties, as the borrower required the funds quickly to complete the transaction, and experienced delays with receiving planning permission for the conversion.

Despite this, Close Brothers was happy to fund the deal prior to planning approval thanks to the strength and experience of the client.

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Matthew Yassin, director at Arc & Co (pictured above), said: “Once the lender was engaged, the deal took eight weeks to complete from start to finish, with excellent communication from both the client and the lender enabling a smooth transaction. 

“The key factors for this to get over the line were very much the expertise of the lender, as well as the approach and understanding from the client’s side, who was a pleasure to work with.”

Laura Metcalfe, assistant manager at Close Brothers, commented: “The excellent communication between us, the client, the broker and our solicitors ensured we were able to complete this deal within the required timescales. 

“Matthew at Arc & Co provided a full appraisal and was upfront about the quirks of the deal, which enabled us to provide reassurances early on that this was something we could assist with. 

“With planning due imminently, we are looking forward to building our relationship with both the broker and the client and look forward to seeing this development take shape over the coming months.”