CONVERSION 

A purchase loan and 100% refurbishment loan to convert a commercial building into residential flats

Loan amount: £673,000

LTC: 75.20% / LT-GDV: 64.97%

Purpose: Pivot provided a loan to a new client to support the purchase and conversion of a commercial building which included an ex-nightclub that had planning for 8 residential flats. We took additional security over a residential property in the borrowers portfolio to enhance leverage.

Exit: Sale of the 8 flats once the build had completed.

Interesting facts: Pivot were comfortable providing a conversion loan on an ex-nightclub.  There was an overage deed in place with the seller of the property, which sits subordinate to Pivot’s loan.