Funds for the Conversion of an Office Building into 42 Residential Apartments

Funds for the Conversion of an Office Building into 42 Residential Apartments
Funded: £1,300,000
Location: Yorkshire
Property Type: Commercial
Funds For: Conversion
Timeframe: 5 Stages

Our client, an experienced property investor, owned a large office building with permission to convert it into 42 flats. Whilst the total conversion costs are likely to be circa £1.3million, the client was keen to keep the finance costs down and only draw down funds exactly when needed.

Lowry Capital provided a flexible funding facility so the client could draw down £300,000 initially to commence the works, with the expectation of drawing down 5 further amounts within the 12 month term to complete the works.

By only paying for the funds actually used, and only drawing funds in line with the schedule of works, the finance costs will be kept to a minimum.

Lowry Capital does not charge for a total funding line, only the funds actually drawn. Once the initial facility is in place further funding can be drawn down within 72 hours.

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.