Specialist Valuations? No Problem!
The Key Points
- Our client was looking to borrow £440,400
- This was to assist with the refurbishment and conversion of the security (a former care home) into 4 self-contained assisted living flats
- The clients run a company specialising in care services with over 24 years’ experience
The Context
A broker recently approached us with a niche deal from their clients, who needed £440,400 to assist with the refurbishment and conversion of the security into assisted-living accommodation. The security had previously been used as a care home and needed specialist expertise to properly appraise both its current value and the gross development value. Our broker advised that other lenders had been cautious of the deal because of this, but Kuflink have built up a trusted panel of valuers over the years and knew we had the right contacts to make it happen.
The Resolution
With the tricky valuations now complete, we proceeded on the basis of a fantastic 44% loan to value and sent funds to our client, kickstarting their 12-month conversion project in great time.
The loan is being released in tranches, with a day one advance of just over a third of the total amount. The rest of the loan will be released in accordance with the progress made with the property and in consultation with our specialist surveyors.
