With changes in planning restrictions, more buyers are looking to convert commercial properties into residential for both investment and owner occupation. When Jane Jaleel identified the ideal home for her and her partner, she discovered the former offices to be unmortgageable and was in need of a short-term finance solution to manage the conversion.
Ms Jaleel had found the ideal home in Margate, and with a deposit in hand was ready to make the move. The large three-storey building was in need of a series of repairs and improvements, most notably to convert the former commercial building into a residential one with all necessary planning.
A bridge was the ideal solution that would provide her with the interim funds to make the changes before applying for a long-term mortgage. Ms Jaleel secured the money through Bridging Finance Solutions within seven working days and was able to purchase the highly sought after property. Using a £100,000 bridging loan, all improvements are now to be made with an exit plan in place aiming to repay the loan within a six month period.
Ms Jaleel commented: “Buying our first home was always going to be a nerve-racking experience, however with the added pressure of the commercial to residential conversion, we undoubtedly set ourselves some challenges.
“Because of the commercial nature of the building we were unable to secure a mortgage with any of the high street lenders. I had heard about bridging in the past and contacted BFS to discuss how the process works and how it could help me my situation. I worked with Jeanette Jones from the outset who was my sole point of contact throughout and she was incredibly helpful and supportive.
“Not only did Jeanette talk me patiently through the process but she worked hard to meet my tight timeframes and managed to complete the deal within an incredible seven working days. There was allot of interest in this property but due to the fact we received our funding so quickly, we were able to secure the property.
“I understood the need to build in an exit stagey into the wider financial plan and we are on track to meet our plans, repaying the bridging loan and applying for a long-term mortgage. I wouldn’t hesitate to use a bridge again and would definitely work with BFS, recommending them to anyone who wants to deal with a professional, transparent and customer driven bridging company.”