The client is purchasing a vacant building that is arranged as a restaurant on the ground floor with a six room HMO on the upper two floors. The loan required was on a first charge commercial basis for £525,000.
Planning has been granted for rear extensions to the first floor and rearrangement to two studio units. The client intends to submit planning for a two bedroom mews house to the rear. His exit strategy is refinancing.
There is good precedent for this being a number of neighbouring properties having already completed mews houses along Pembroke Place. With an LTV of 70% and a rate of 1.00% per month this loan is against a robust security with good added value opportunities.
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