Case Study: WhithamSenior Debt
Refurbishment of an existing commercial property into 31 residential units in Witham, Essex.
Funding Requirement – Funding was required for the acquisition and the conversion of a commercial property with consent initially for 24 apartments. The client subsequently achieved a further consent for an additional floor providing a further 7 apartments.
Facility Provided – A stretched debt facility of £2,000,000 was initial arranged with a further £670,000 provided when the planning for the additional floor was granted. The facility was secured at a competitive market rate for the level of funding structured.
The facility provided substantially reduced the sum of equity that would have been required by developer in order to develop the site using only the standard senior debt.