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Finance to convert Post Office into 75 units
Finance to convert Post Office into 75 units
Case Studies

Finance to convert Post Office into 75 units

Property developer looking to secure finance to convert a former Post Office into 75 residential units.
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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.

Case details

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

June 2016

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