A new client came to us in February looking to convert a Grade II Listed mid-terrace in Salisbury from an office back into a residential property.
As discussed more in our Monthly Market Update, converting offices into residential properties is something we’re seeing more of as the population are warming to the idea of more flexible working.
It’s believed that this building was once two individual houses, that were combined in the 1960s to create solicitor’s offices, being so close to the Magistrates court.
Using a Bridging Loan the property was transformed
We were able to use our in-house valuation team to undertake a RICS Red Book valuation of the property within a matter of days, so that our client could move forward quickly.
We tailored our Light Refurbishment Bridging Loan to suit the client’s needs and give them the confidence to commit to the purchase in the knowledge that we could provide funds within short timescales.
This particular client took out the loan with a 46% LTV with the option of further drawdowns of funds to assist with the conversion.
“This property is a great example of how our capital can be used to transform a building. Because we were able to value the property ourselves we could act decisively for our client, and make sure he could act on this great opportunity”
Chris Wright at MSP Capital
Product Summary
Light Refurbishment Bridging Loan
- Loans from £75k to £20m
- Up to 70% LTV
- Target turnaround of 3 weeks or less
- Dedicated Account Manager
- Southern England with other geographical areas considered
- Flexible terms up to 36 months
- Available for residential assets in need of moderate improvement
“This was my first experience of working with MSP Capital, it has been so refreshing to work with an organisation who are genuinely interested in supporting their customers, I’m looking forward to working with them on the next project.”
Ben
