Shawbrook Bank supports commercial to resi conversion
Shawbrook Bank has supported a complex commercial to residential conversion with a £2.3m buy-to-let (BTL) loan.
Shawbrook was approached by Vincent Burch Mortgage Services on behalf of a client looking to convert a London office block in a highly industrialised area to 14 residential flats, with a price tag of £3m.
The client had not yet completed an investment project of this size, and the buyer was requesting 75% of the value.
Shawbrook noted that the property represented a good investment opportunity, close to a tube station and commutable into the city, while a nearby block had also been recently converted to residential flats, indicating that planning permission should not be a challenge.
As the client was able to provide all the information needed and met Shawbrook’s criteria, a pre-valuation offer was given within 24 hours.
Gary Boorman, head of large loans at Vincent Burch Mortgage Services, said: “Shawbrook was an absolute pleasure to work with and displayed a can-do attitude throughout.
“I am certainly hoping to repeat this experience on other deals.
“Ultimately our partnership delivered the end product quickly and efficiently to my very grateful client.”
Emma Cox, sales director at Shawbrook Bank, added: “At Shawbrook, we pride ourselves in having the specialist expertise to handle the most complex cases, and this particular case is an excellent example of this.
“Our team have significant experience lending on commercial to residential developments and therefore had the knowledge necessary to take on this case, working closely with our experienced Strategic Partner who knew exactly what to do to support their client.
“This is a growing area for us with commercial to residential developments becoming increasingly popular as offices re-evaluate the space they need.”