The client needed a loan of £2,490,000 to purchase a newly constructed building of five residential units over three floors. The borrower (who is also the developer) is refinancing out of development finance to allow him time to sell two of the flats and tenant the three remaining flats with a view to then refinancing TAB through traditional BTL finance and flat sales. The loan was 1.00% interest per month at an LTV of 70% for 9 months secured with a first charge.
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