We recently assisted a borrower with a £680k loan for a conversion project on a property in Cardiff. The property, which previously contained four flats, underwent extensive refurbishment to convert it into six self-contained flats, complying with the latest planning consent issued by the Local Authority.

The borrower was waiting for the final Practical Completion certificates from Building Control. As agreed, we retained £50k from the loan until these certificates were received. The exit strategy for the loan involves refinancing to a Buy-to-Let, as the borrower plans to keep the property in their portfolio.

This is a great example of how we can step in at any stage of a project to help developers complete their schemes.