The conversion of a former chapel required extensive internal structural works to transform it into a modern living space, with the developer securing a bridging loan from BFS to complete the scheme.
The client had purchased the property for £115,000 with plans to re-develop the vast building for use as his own home. Under the ambitious scheme, the new layout would include three reception rooms and a kitchen with four bedrooms each with en suites and scope to develop the higher levels at a later stage.
Unable to secure high street lending, the client was initially reluctant to use short term finance, having been affected by negative experiences with other lenders. He explained: “I have worked with bridging companies previously and the experience had not been particularly good and so I was reluctant to go down that route again. BFS was recommended to me and so I contacted them for initial discussions.
“From the outset, I found them to be open, clear, transparent and incredibly helpful and the process was incredibly straight forward. They supported me throughout the application stage and helped me structure my finances and plan the works in the best way possible.”
The client has borrowed £150,000 which will be drawn down in two stages. The first stage has already been drawn down taking the site to completion of the second floor.
He continued: “I’m now mid-way through the development and I’m about to take the next drawdown. Once completed, I’ll refinance the property and pay back the loan in line with the agreement. I really have had enjoyed a great relationship with the team at BFS and couldn’t recommend them more.”
Upon completion, the chapel is expected to be worth in the region of £500,000 with further value-added once work is completed to the third floor.
Rachel Davies of Bridging Finance Solutions added: “We pride ourselves on delivering a personal and professional service and it’s been a pleasure structuring this particular deal. Our team enjoys watching schemes develop and it will be fabulous to see this particularly unusual project finished. Our team are experts in their respected fields and able to give the right advice and guidance throughout.”