An experienced property developer secured finance to convert a former Post Office into 75 residential units.
The property was on a disused site in the Midlands and it already had planning permission from the local council.
In order to make the payments more manageable the interest was rolled up and added to the loan amount.
|Value of building:||£800,000|
|Total build costs and contingency:||£2,470,000|
|Build time:||10 months|
|Gross Development Value:||£4,950,000|
|Exit:||Sale of the units|
|Solution:||Initial funds to purchase building: £445,000|
|100% of build costs:||£2,470,000|
|Arrangement fee:||2% or £58,000|
|Term:||18 month facility|
|Payment:||Interest rolled up|
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