Shawbrook Bank has supported a complex commercial to residential conversion with a £2.3m Buy to Let loan.
Shawbrook was approached by Strategic Partner, Vincent Burch Mortgage Services on behalf of a client looking to convert a London office block in a highly industrialised area, to 14 residential flats, with a price tag of £3m. While the client had an extensive property portfolio, they had not yet completed an investment project of this size, and with the buyer requesting 75% of the value, the case required a specialist.
Shawbrook looked closely at the merits of the case; the property represented a good investment opportunity, close to a tube station and easily commutable into the City. A nearby block had also been recently converted to residential flats, indicating that planning permission should not be a challenge.
As the client was able to swiftly provide all the information needed and met Shawbrook’s criteria, a pre-valuation offer was given within 24 hours.
Emma Cox, sales director at of Shawbrook Bank, said: “At Shawbrook, we pride ourselves in having the specialist expertise to handle the most complex cases, and this particular case is an excellent example of this. Our team have significant experience lending on commercial to residential developments and therefore had the knowledge necessary to take on this case, working closely with our experienced Strategic Partner who knew exactly what to do to support their client.”
This post has originally been featured in Property Wire.