Development Funding for the Conversion of a Former Hotel into Flats
A property developer was converting a former hotel into residential flats and had an existing 1st charge with a lender who would not provide any further funding to progress the project.
It was critical the client received funds quickly to ensure builders remained on site and the project didn't stall. Lowry Capital provided a loan of £814,000 to pay off the current lender and provide the client with a balance of funds to progress the works.
Lowry Capital will provide further funding in line with the client’s schedule of works. Further funding is typically available within 48 hours of request, ensuring the conversion will run smoothly whilst keeping the funding costs at a minimum.
This will be a luxury development in an idyllic location on the edge of the Peak District.
Our Development Funding:
- Lowry Capital is a lender of development funding. We provide loans of up to £3million within a few days.
- As a principal lender, we lend our own money and make our own common-sense lending decisions.
- We provide an award-winning service and you will always deal directly with a decision maker.
- No upfront arrangement fees, no solicitors cost undertaking, we share a genuine desire to get a deal done.
- Hands off lending approach: You choose and manage the professionals and contractors for your development.
- Previous development experience not essential.
- Our streamlined and highly efficient lending process guarantees ease of funds and speedy delivery.
- We provide developers with flexible, bespoke funding, tailored to fit your schedule of works.
- Funds can be drawn down in multiple tranches and you will only pay for the money actually drawn, keeping finance costs to a minimum.
- Our funding helps with your cash-flow and allows you to keep significant funds from the sale of units.
- Development funds can typically be drawn-down within 10 days.
- No proof of income required.