- Residential development on a former office block
- £2.314m development Loan
- £4.196m Gross development value
- Change of use from an office block to 10 flats
- Total build budget of £900,000
Commercial Acceptances provided a facility of £2.314m to assist with the acquisition and development of the freehold commercial property.
Originally arranged over ground, first and second floors. The property was purchased for a consideration of £2,175,000 and benefited from planning permission providing for conversion of the existing building to form 7 flats and the construction of a two-storey roof extension to house a further 3 flats, to provide total accommodation of 10 flats.
The property is located in Finchley, North London, a densely populated suburb within commuter reach of the City and West End. The property is located in a cul-de-sac, predominately comprising commercial office space, which has been converted to residential use. Local shopping amenities are nearby on Regents Park Road and Ballards Lane.
The borrower is a highly experienced property developer, who has been involved in the property industry since 1997 and has been a CA client for 8 years. The development was completed within 10 months and has been finished to a modern, high standard. Exit of our facility will be through re-finance with a longer-term lender.
Finance arranged by Leo del Rosso / Lending Manager / email@example.com