Development Loan Case Study: £3.8 million development loan for office-to-resi conversion
Written by Luke Stevenson
To see our Development Loan rates and criteria, visit our Development page.
Location: Essex
Loan size: £3.8 million
LTGDV: 63%
LTC: 83%
Purpose: Purchase of an office building ahead of conversion and extension.
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A repeat borrower of ours approached us in need of a quick development deal after their existing lender changed the terms at a late stage.
With three weeks until their deadline, the team stepped in to support them on their project.
They needed £3.8 million for the acquisition of an office building in Essex, with the goal to convert and extend the site into 16 apartments.
Read more: What makes a good development finance process?
The team was able to complete the project in three weeks, in line with the completion date for the acquisition and avoiding the risk to the developer’s deposit.
Joshua Reuben, developments director at IPE Developments, commented: “When you have to move quickly with a project, it’s more important than ever to have a lender you can rely on to provide quality finance and deliver within your required timeframe.
“We have worked with LendInvest on multiple deals before and knew they would be able to step in and work quickly with us as circumstances changed last minute with this project.”
A version of this case study originally appeared in Development Finance Today.
To see our Development Loan rates and criteria, visit our Development page.