Property type: Commercial Retail - with PD Consent
Client structure: Development SPV
We obtained finance for the purchase of a semi-commercial high street asset. The property was let to Barclays on a 10 year lease with residential development planning consent for 8 flats on the upper floors and 2 town houses at the rear. We arranged the development finance, and had to act quickly as the development bank was too slow to complete in the required timescales. We ensured the client secured the site with the uplift in value from the planning gain at the agreed original purchase price using a bridge loan.