Case study: £3.5 million bridge for former police station
Written by Luke Stevenson
See our bridging rates and offers, including details about our new refurbishment product, here.
Location: Hornsey
Loan: £3,477,500
LTV: 65%
Purpose: Acquisition of an old police station for the purpose of refurbishment and new build construction of 25 units.
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This client won a tender to purchase an old police station in North London.
An experienced property developer with a wide catalogue of previous projects, they had positive conversations with the local authority for a development which would see 25 units developed, including a private and affordable mixture of new-build and refurbished flats and houses.
Upon acquisition, they would use the loan term to achieve a fully consented scheme before exiting onto development finance, with estimated GDV in excess of £16 million.
The client chose us over other lenders because of our track record of delivering on speculative planning deals, amongst competitive pricing and the opportunity to smoothly transition into our product ranges.
Given the track record of the borrower, location of the development and the high-demand for high-quality housing in the area, we were happy to back them and finance the deal.
See our bridging rates and offers, including details about our new refurbishment product, here.