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Purchase of vacant offices

Bridging loan | Second charge | Office buildings | Banbury

Client’s circumstances: The client, a former Knight Frank surveyor running a successful niche development company in London together with a partner, intended to raise additional funds behind United Trust Bank to be able to complete the purchase of five self-contained vacant office buildings located in Banbury, Oxfordshire, for a consideration of £2.2 million. Upon completing the purchase of the property, the client intended to apply for a change of use from commercial to residential.

LandlordInvest’s service: LandlordInvest provided a second charge bridging loan of £410,959, with a loan term of 12 months at 73.9% LTV, behind United Trust Bank.

The result: LandlordInvest’s second charge facility provided the client with the required funds needed to complete the purchase of the property. Due to delays with the planning application, LandlordInvest extended the loan for an additional four months. Eventually, the planning application was granted, and the loan was repaid.

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