Funding for the Conversion of an Office Building to 11 Apartments
A property investor based in Hong Kong saw the opportunity to purchase two Georgian townhouses in a prestigious location in Edinburgh. The properties were currently being used as office space, and the client had gained planning permission to convert the buildings into 11 luxury apartments.
Lowry Capital has provided, to date, £3.2million in stages, in line with the client’s schedule of works. Many of the apartments have already been bought off plan. With prices starting at £455,000, the development has a GDV of circa £6million, proving to be a very lucrative project for the client.
Shell State Pre-Conversion
Our Development Funding:
- Lowry Capital is a lender of development funding. We provide loans of up to £3million within a few days.
- As a principal lender, we lend our own money and make our own common-sense lending decisions.
- We provide an award-winning service and you will always deal directly with a decision maker.
- No upfront arrangement fees, no solicitors cost undertaking, we share a genuine desire to get a deal done.
- Hands off lending approach: You choose and manage the professionals and contractors for your development.
- Previous development experience not essential.
- Our streamlined and highly efficient lending process guarantees ease of funds and speedy delivery.
- We provide developers with flexible, bespoke funding, tailored to fit your schedule of works.
- Funds can be drawn down in multiple tranches and you will only pay for the money actually drawn, keeping finance costs to a minimum.
- Our funding helps with your cash-flow and allows you to keep significant funds from the sale of units.
- Development funds can typically be drawn-down within 10 days.
- No proof of income required.