Our client wanted to convert a detached house in South London to an apartment block containing nine units. IPCA Group sourced a private bank that could lend to the client at a lower rate than conventional development finance.
The client was eager to get started on the project as soon as possible. IPCA Group managed the transaction through the site appraisal stage, compliance information gathering for the bank, pushing the lawyers on both sides and managing the valuations to ensure that the client’s transaction went through promptly.
- Loan amount: £2,760,000
- Two year term
- Loan to value: 60%
- Interest rate: 4.75%