February 2nd, 2020.
Deal of the Month February 2020: Separating Out a Listed Building
We love a challenge here at Pure Commercial Finance, and February’s ‘Deal of the Month’ was certainly a head-scratcher at first. Read all about the project below.
About the Deal
The property in question is listed, but only the front face is protected. Therefore, our client came to us came to us seeking a bridging loan which would allow them to split the title on the building so that the front and back of the building could be deemed separate entities.
Once completed, they could then take advantage of permitted development rights on the rear of the building, which would not be possible with the listed building status.
The plans are to complete a commercial conversion, turning the front into flats with the face unchanged.
We were happy to help and secured a gross bridging loan worth £158,000 with a 60% LTV.
Completing this deal means the property is owned by two separate limited companies in a joint venture and the refurb from commercial to residential can now go ahead.
It’s ‘Pure’ Flexibility!
Sometimes, a project can seem impossible. However, a lot of the time there is a financial solution. You just need to know where to look.
If you find yourself requiring a custom finance deal like our client of the month, please get in touch with our friendly and knowledgeable team to see how we can help make your plans a reality.