Development Finance Deal with Bridging Finance
Client: Highly experienced multi-unit developer and landlord. Owns HMO properties with licenses. 2nd Deal (Returning Client)
Purpose of Loan: Purchase & Development – £512,000 loan (Development Tranche 200k, initial Advance 312k) – 12-month loan
Project: Development of former 18-bedroom, 2 storey care home Into a House of Multiple Occupancy (HMO) with four ‘cluster’ flats (2 per floor) of 5 and 6 beds – Each flat having shared kitchen/dining/sitting room, each bedroom with its own bathroom.
Exit: Refinance on completion
Partner Commission: £512,000 of funding was arranged with Mint Bridging for the client. 60% of the total case commission was paid to the partner – Which totalled £6,144