This deal involved the conversion of commercial buildings into a new residential block under permitted development rights. At the time of acquisition, there were two commercial tenants, which created vacant possession complications. As a result, an additional 6 month period was included in the deal to allow the borrower time to address and organise the transfer of these tenants.
Although this was the largest project that the borrower had delivered to date, they were working with a contractor with whom they had undertaken various schemes before and Maslow were satisfied that the necessary skills existed for the successful delivery of this scheme. It is planned that the development will be registered for the Government’s Help to Buy scheme in due course.
The image shown above is an example of the equivalent level of finish for this development.
“An additional 6 month period was included in the deal to allow the borrower time to address and organise the transfer of two commercial tenants”