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Auction Loan and Stage Payments
Going, going, gone!
Location - Kent
Property Value - £3,247,000
Loan Amount - £1,700,000
Loan Type - Development
LTGDV - 52%

An existing client of ours, a well-established investor and developer, purchased an office building at auction with the intention of converting it to a residential investment. We provided a loan to complete the auction purchase and agreed to make stage payments to fund the conversion. On completion of the conversion, the property will be let on Assured Short-hold Tenancies and retained as an investment which we will continue to finance until a long-term mortgage is arranged.

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