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 loan to allow the borrower time to negotiate the transfer of these tenants.
Although this was the largest project that the borrower had undertaken to date, they were working with a contractor with whom they had completed various schemes with before and Maslow was 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.
“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”