three people stood outside a bulding called Fell House with a for sale sign on the side - l

Supporting portfolio landlords with a redevelopment.

16 Nov 2017 | 2 min

Buy-to-let investors Empire Property Concepts spotted the potential in a disused office block, previously owned by a police force, and wanted to turn it into flats, but needed funds to complete the purchase and cover the development cost.

Key facts

Loan type Amount Term Loan-to-value ratio
Bridging loan £806,000 17 months 63%
The challenge

The investors had a vision of what the office block - Fell House - could become and planned to create 32 self-contained one-bedroom flats. Permitted development rights meant that planning wouldn’t be required for the changes to the 1960s building, but they needed funding fast to secure the city centre property, plus additional finance to carry out the renovations.

The solution

Having worked with us previously, the customers – who have an extensive property portfolio – approached us with their exciting new project. We assessed the application and agreed to provide a commercial bridging loan of £300k for the purchase and another £506k towards the cost of developing the four-storey office block, enabling them to progress their plans.