Case Study: Pub Conversion
The client was making her first steps into the property development market and had purchased a closed pub in Maidstone, at auction, for £250,000. Even though the pub didn’t have planning permission, Mint spoke with the local planners extensively. Their core team were confident that the client’s objective, to convert the pub to a residential property, was viable.
Mint Bridging agreed to a £175,000 loan and plans were submitted to convert the building into three houses and two flats. After a lengthy wait time, the plans were formally approved, but subsequently the client requested amendments to the plans, resulting in additional delays. On more than one occasion, Mint was asked to extend and renew the loan. This ultimately morphed from a simple six month facility into a longer term partnership.
The client expressed sheer relief as to the way Mint helped in undertaking this development, including the multiple planning changes and delays:
“Throughout our discussions, the people at Mint Bridging were really supportive and their experience in dealing with property development was a great help to me. I felt that I could approach Mint at any time to discuss my case and their understanding of what I wanted to achieve. As a first timer in the market, this basically meant I not only received funding but also acquired a development partner who was prepared to take the trouble to help me at every stage. The process was an eye opener and a positive learning curve for me.”
Andrew Lazare, Managing Director, added:
“It’s important for us to help our borrowers at each stage of the process, it enables us to understand any delays and when problems do arise, we can deal with them with the client to alleviate any stress for them and manage expectations”