Hope Capital has completed a £1.1 million commercial loan on a former pub complex located on the outskirts of Lancaster.
The dwelling, which has acquired planning permission, will be turned into eight self-contained apartments.
Hope Capital has agreed to provide the initial funding to purchase the premises together with the additional money required to complete the heavy refurbishment works needed. The firm worked closely with Lee Robinson, bridging and development finance specialist at Charles Louis Commercial Finance.
The £1.1m facility was agreed at 58.5% LTV and will be redeemed by the client after 12 months, where the borrower will exit onto a longer-term buy-to-let mortgage.
During the client’s loan with Hope Capital, they will have the opportunity to complete the necessary works, as well as put tenants in place, so they can then refinance and secure a buy-to-let mortgage.
Roz Cawood (pictured), director of sales at Hope Capital, said: “This was a great investment opportunity for the client, which we were delighted to assist with. At Hope Capital, we have over 10 years’ experience successfully supporting a significant number of borrowers in achieving their investment plans, especially those who are looking to undertake refurbishment works.
“Having the support from Lee and the team at Charles Louis Commercial Finance was key in ensuring we could deliver for the client. This is a fantastic example of how having a great relationship between lender and broker, can ensure the outcome the client is looking for, is achieved. We look forward to working again with Lee and the team in the future.”
Robinson added: “Working with a lender like Hope Capital, who provided speed, flexibility and transparency throughout the entire deal process was really refreshing. The teamwork approach between all parties was instrumental in ensuring this deal could be delivered.”