In August 2023 we teamed up with a local company in Dorset to help them add another floor to their mixed use building with our Heavy Refurbishment Loan
The property, built in 1970, is within walking distance of the beach and has been a popular choice for residents of Boscombe over recent years. As part of the client’s long-term rental strategy, the new floor will add a further six apartments to the property and add a communal garden roof-terrace. This will mean the entire property will consist of 16 homes and two commercial offices, used by local businesses.
From plans to reality
Our client took out a Heavy Refurbishment Development Loan with an LTV of 58% over a term of 15 months. This £2m loan has helped refinance another facility and will also cover the development costs for this project.
Adding another floor to an existing building is a complex job, so the company have opted to use an experienced contractor that are known to MSP Capital through previous clients.
This project began to help boost our client’s long-term rental potential. Therefore, the exit strategy for this development is not to sell and take the profit, but instead to refinance on to a long-term mortgage and then retain with their wider portfolio.
Experience Beyond Finance
With over 40 years in the finance and property industry, we’re able to see past the challenges, and consider complex projects as well as the more standards ones for our clients.
Our in-depth knowledge about property development means that we can become an extension of the developer’s team, offering guidance and solutions if needed.
If you’re looking for a lender who offers more than just money, then get in touch with our team of experts today on 01202 743400.
“We became aware very soon of the advantages of working with a finance provider which has the specialist knowledge and experience of property development. MSP understand the process and all the hurdles and possible pitfalls which must be overcome to achieve success. We have been delighted with the support and the high levels of efficiency and professionalism. Thank you, MSP.”
Our client, Mike W.