Finance for Conversions.
If you are looking to convert a property into residential dwellings, that you are planning to sell or let out we can probably help.
We have a great deal of experience in converting properties from their original use to new units, including houses to flats and old offices and retail space to houses and flats. We have also converted churches and chapels
As with our new build finance, our conversion finance terms will be specific to your project and as flexible as possible. We know that a rigid loan structure often leaves the client with issues through the project, so we will put a structure together that works for you.
We always look to provide you with 100% of the build costs – we want to make sure you have enough cash to get the job done. We will also do what we can towards the purchase price, too.
As with all our finance we like to have some initial information before we give you a decision in principle. This allows us to get to know your project properly so that any quote we give you will be worthwhile and something you can rely on.
We give you market leading rates with service that cannot be bettered. So, if you are looking to convert an existing property to unlock its potential you should be getting in touch with us to arrange the funding for you.
Complete our simple form or give us a call today!
Great Buildings Make For Great Projects.
One of our favourite conversion projects was carried out in 2015, by one of our repeat clients.
This particular project has been passed on by other lenders when a different client tried to buy and convert. We, however, saw the potential in the property and knew the client had the skill and experience to make it happen.
Click the image for more pictures of this great project. As with all our development loans it was provided in stages with, of course, interest only charged against the balance outstanding.
To ensure your new build project has every chance of success we:
- Give you Advanced Stage Payments
- Give You Flexible Draw Downs
- Give You Access To Decision Makers
- Give You Industry Best Service
- Give You Great Rates And Terms
5 Reasons To Use Us for Your Next Project
- 1. 100% Of Build Cost
- 2. Advanced stage payments
- 3. No upfront fees
- 4. Roll up of interest
- 5. Fast Turnaround
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Do I Need A Bridging Loan Or Development Loan For A Conversion?
In our opinion, the quick answer is you are much better off with a development loan.
We say this having had years of experience in the short term market, specialising now, as we do in the development sector but also being heavily involved in bridging previously.
Normally you will want a property development loan to cover the cost of the conversion work and perhaps an amount towards the purchase as well.
A bridging loan would typically offer you a single lump sum loan. This means you will be paying interest on money you might not need yet, which is not ideal.
Bridging loans often have a headline rate that seems very attractive. The problem is that for the most part that is all it is a headline. Development facilities are actually similar in costs, just they are more flexible and more suited to a project and the issues that may arise.
With a development loan, the facility would be broken down into stages, which you would take as and when you needed them. You are only going to pay interest on the amounts you take, not on the full facility.
Being a development lender we look at projects as being a long term relationship, not just that one conversion. So, you will be treated as a business partner with the success of your project at the heart of our process. We want you to come back to us in the future, we can only ensure that by giving you the best of service as well as great rates and terms.
To discuss your project, with no obligation or cost Enquire Now:
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