Case Study – Former Didsbury Police Station
We’re pleased to have provided a Heavy Works loan to a client, allowing the purchase and conversion of a historic building.
The facility was required by the borrower to initially purchase the former police station in the north west, following which a development tranche was used to fund the conversion of the existing building into six luxury apartments totalling 7,373 square feet.
Using three investment properties as additional security from the Borrower’s existing portfolio, we were delighted to provide a facility to cover the full cost of purchase and works on a 14 month term.
With restricted access to the site on a busy public road, construction had to be carefully managed throughout the build. Works included a partial demolition at the rear of the building, and the erection of a three storey rear extension. It also encompassed the creation of an outside roof terrace and a new centralised front entrance and hallway. The end result is six luxury apartments which are planned to be let by the owner.
The loan provided was 65% LTGDV, and this was the Borrower’s first project with Mint Property Finance.
To find out if we can help you contact the team on 0161 710 2006 or firstname.lastname@example.org.