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CASE STUDY OF THE WEEK – £1.3M SEMI-COMMERCIAL TERM LOAN

SPF

Picture of Natalie Glover

Natalie Glover

Bridging & Development Adviser

A £1.3m complex semi-commercial deal completed by Natalie Glover, bridging, development and commercial adviser at SPF.

This deal was in relation to three newly converted retail units with six flats above. The property was grade II listed and was awaiting discharge of planning conditions to get it across the line.

SPF adviser Natalie Glover was able to utilise her relationship with Shawbrook Bank and the associated valuer to get the deal to work under an extremely tight completion deadline in order to redeem an expensive development finance loan.

Natalie explains: “This was an extremely complex property with planning conditions that had not been discharged. We were able to secure a rate for our client without the property having reached practical completion. This meant that despite market movements, we could hold the rate with a reinspection once works had been completed.

“There were slight discrepancies in architects drawings that meant the discharge of planning conditions could not be satisfied in a normal fashion. We liaised closely with the borrower, solicitor, lender, architect, noise impact specialists, the local council, valuer and heritage in order to get the deal completed, allowing the client to redeem the expensive development finance bridging loan used to convert the property originally.”

Our client comments: “I just wanted to say how amazingly lucky we were to have you both fighting for us. We both appreciate just how much you did and we know that you both really invested more than just a professional interest and that really means a lot. We will be raising a glass to both of you this evening, thanks again for everything.”

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