| Property | Office building converted into nine flats under permitted development |
|---|---|
| Location | Watford, Hertfordshire |
| Client | Developer SPV with two directors who have completed three conversions |
| Product | Development finance |
The challenge
The scheme relied on permitted development rights, and lenders wanted certainty on space standards and building regulations. The developer needed funding for both the purchase and the works.
What we did
We supplied the prior approval decision, architect's drawings and a fixed-price build contract. We placed the case with a lender that funds commercial-to-residential conversions, covering part of the purchase and the build costs. A monitoring surveyor signed off each stage before funds were released.
The outcome
The flats were completed and sold, with part of the stock refinanced onto a development exit loan while the last units sold.
Development financeFunding for ground-up builds, conversions and heavy refurbishment, released in stages as work progresses.
Learn moreImportant: Bridging and development finance are short-term, secured borrowing and can be expensive. You need a clear, realistic exit plan. Loans secured on a home you live in may be FCA-regulated; most others are not. Your property may be repossessed if you do not keep up repayments.