Development Funding for the Conversion of a Former Hotel into Flats

Development Funding for the Conversion of a Former Hotel into Flats
Funded: £1,550,000
Location: Ashbourne, Derbyshire
Property Type: Commercial
Funds For: Conversion
Timeframe: Clients Deadline

Our clients owned a beautiful, period property in Derbyshire and had run it successfully as a hotel for many years.

The owners obtained planning permission to convert the building into six, luxury two-bedroom apartments. However, funding was required quickly to pay off an existing lender and carry out the work. 

In addition to the poor internal condition of the building, the clients were also inexperienced in property development. They did, however, have a team of experienced property professionals in place and a credible development plan.

Lowry Capital took a commercial view and have now provided funding to date of £1,550,000 in 12 drawdowns with the client drawing what’s needed in line with the schedule of work. 

The property conversion has progressed significantly, and the apartments have been done to a very high specification. The demand for the finished apartments has proved strong and the clients are in line for a Heathy profit on their 1st  development.

The properties have a GDV of £3.180m

Broker Testimonial:

“Sarah, thanks again for all your help and making another transaction go smoothly.”

Pre-Sale Shell State

Ongoing Conversion Works

Our Development Funding:

  • Lowry Capital is a lender of development funding. We provide loans of up to £4million 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.

You can learn more about our Development Funding Here.