We provided a loan facility to assist with the purchase and subsequent development of a property in Hampton. The property was purchased for a consideration of £1,350,000 and comprised a purpose built office building with a Prior Approval under Permitted Development Rights to convert it into 6 self contained flats.
The borrower had a build budget of £400,000 which was funded in full by CA. Our total loan facility of £1,265,000 represented 55% of the Gross Development Value of £2,300,000.
