Shawbrook Bank supports complex commercial to resi conversion with £2.3m BTL loan
Shawbrook Bank has supported a complex commercial to residential conversion with a £2.3m buy to let loan.
Shawbrook was approached by strategic partner, Vincent Burch Mortgage Services on behalf of a client looking to convert a London office block in a highly industrialised area, to 14 residential flats, with a price tag of £3m.
While the client had an extensive property portfolio, they had not yet completed an investment project of this size, and with the buyer requesting 75% of the value, the case required a specialist.
Shawbrook looked closely at the merits of the case; the property represented a good investment opportunity, close to a tube station and easily commutable into the City.
A nearby block had also been recently converted to residential flats, indicating that planning permission should not be a challenge.
As the client was able to swiftly provide all the information needed and met Shawbrook’s criteria, a pre-valuation offer was given within 24 hours.
Gary Boorman, Head of Large Loans at Vincent Burch Mortgage Services said:
“Shawbrook was an absolute pleasure to work with and displayed a can-do attitude throughout. I am certainly hoping to repeat this experience on other deals.
Ultimately our partnership delivered the end product quickly and efficiently to my very grateful client.”
Emma Cox, Sales Director at of Shawbrook Bank said:
“At Shawbrook, we pride ourselves in having the specialist expertise to handle the most complex cases, and this particular case is an excellent example of this.
Our team have significant experience lending on commercial to residential developments and therefore had the knowledge necessary to take on this case, working closely with our experienced Strategic Partner who knew exactly what to do to support their client.
This is a growing area for us with commercial to residential developments becoming increasingly popular as offices re-evaluate the space they need.”