Conversion of a Landmark Building into 10 Apartments and Ground Floor Offices
Our client owned a landmark property in the centre of Dundee and had attained planning consent to convert the property into 10 apartments and ground floor offices.
The client was keen to draw down the funds in stages in line with their schedule of works, ensuring finance costs were kept to a minimum.
Whilst the total works cost is expected to exceed £800,000, Lowry Capital has provided an initial drawdown of £134,500, with the balance funds being drawn in tranches, as required by the client.
With a GDV of circa £1.9m, and by drawing the funding in stages, the profit is estimated to exceed £370,000.
“Lowry Capital offers the flexibility to provide funding in stages, in tandem with the client’s schedule of works. This ensures that funds are only drawn down when needed, keeping finance costs to a minimum and maximising profit for the client. Lowry Capital only charges for the funds drawn down with no overall facility charge. Once the loan is in place, further funds can be drawn down with 48 hours with no need for QS or architect reports. Additional advances can be drawn down many times throughout the process, with our minimum drawdown being only £25,001.”