The client was part owner of a Limited Company with a multiple directors. The property was owned by the limited Company and was a listed building which had previously been converted for use; partly to house their information technology company and the remainder would be used for either office space or lettable accommodation – this was to be decided once additional funding had been secured.
The client wished to raise additional funds to complete necessary conversion works and also secure more favourable terms than their current lender. Current lender was no longer willing to extend further finance due to the intended conversion works on the property and the nature of the building itself.
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We sought out a specialist lender who was able to accommodate the building type, the ownership via a Limited Company and the intended conversion works while still obtaining very favourable market rates.
We checked all criteria with the lender were able to secure terms with a minimum of paperwork and a very quick turnaround time.
Lenders can be cautious of conversion and renovation projects, especially on listed buildings. Those that will accept often have much higher rates on offer, however as a whole of market Broker we have the tools to find a solution for these clients at much more favourable rates then they may have previously been quoted.
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