Funds for the Conversion of an Office Building into 42 Residential Apartments
Our client, an experienced property investor, owned a large office building with permission to convert it into 42 flats. Whilst the total conversion costs are likely to be circa £1.3million, the client was keen to keep the finance costs down and only draw down funds exactly when needed.
Lowry Capital provided a flexible funding facility so the client could draw down £300,000 initially to commence the works, with the expectation of drawing down 5 further amounts within the 12 month term to complete the works.
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By only paying for the funds actually used, and only drawing funds in line with the schedule of works, the finance costs will be kept to a minimum.
Lowry Capital does not charge for a total funding line, only the funds actually drawn. Once the initial facility is in place further funding can be drawn down within 72 hours.
