Funding to Purchase & Convert an Old Abandoned Care Home Into Stunning New Homes
Our client, a highly skilled & experienced Scottish property developer, came to us requesting funds to purchase and convert an old derelict care home into 2 houses and 5 mews.
The client had initially obtained planning for a different type of conversion, however their planning application was amended post purchase in order to maximise the value of the site.
Their plan was to split the build into two separate phases, initially converting the main care home into 2 houses, selling these houses and repaying the loan and then drawing down further funds to finish the site and develop the 5 mews.
Lowry Capital provided £537,000 in funding for both the purchase and conversion of the property.
The developer is now finishing the first house and is looking to start phase 2 of their build schedule and by using Lowry Capital's multi tranche approach they will can access further funds quickly and simply.
Lowry Capital are happy to fund projects across multiple drawdowns, our development funding simple and flexible tailored to fit your schedule of works.
Original Site
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Development Site
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Our Development Funding:
- Lowry Capital is a lender of development funding. We provide loans of up to £4million 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.
