Client’s circumstances: The client required funds to acquire a former church in Lancashire, that had been operating as a 20-bed care home. The client intended to obtain planning permission during the loan term to convert the property into residential use.
LandlordInvest’s service: LandlordInvest provided a first charge bridging loan of £237,488, with a loan term of 12 months at 73.1% LTV.
The result: The client struggled to repay the loan on time due to difficulties in obtaining a development loan after a successful planning application. LandlordInvest extended the loan on several occasions to allow the borrower more time to realise their exit plan and kept their rate the same, despite several increases of BoE’s rate. As a result, the client was able to exit the loan by raising development finance to commence the conversion of the property into residential use.
Commercial property loans from £100,000 to £1,000,000.
Don't invest unless you're prepared to lose money. This is a high-risk investment. You may not be able to access your money easily and are unlikely to be protected if something goes wrong. Take 2 mins to learn more.
LandlordInvest Limited is authorised and regulated by the Financial Conduct Authority (FCA) (FRN 660926). LandlordInvest Limited is not covered by the Financial Services Compensation Scheme (FSCS).
Loans provided to borrowers through LandlordInvest are provided solely for business purposes. Loans are therefore not regulated by the Financial Services and Markets Act 2000 or the Consumer Credit Act 1974. You should seek independent legal advice if you are in any doubt as to the consequences of the loan not being a regulated agreement under those Acts.
LandlordInvest Limited (Company No. 09245725), registered office 330 High Holborn, London, WC2A 1HL
