Case Study: Converting a Commercial Property in Stockport

What did our Clients do?

Background 

Our clients secured a commercial former office block in Stockport, subject to planning permission, with the vision to convert it into 11 apartments. They needed to complete the purchase and fund the development.

Elleah Property Finance’s Solution: With our expertise and strong relationships with lenders, we helped the client navigate this complex deal and secured the necessary financing:

• Purchase Funding: £406,250 towards the purchase price of £625,000 (65% LTV on Day 1).
• Development Funding: 100% of the build costs funded in arrears, totaling £1.56 million.

Financial Terms:

• Total Borrowing: £2,211,250
• Gross Development Value (GDV): £3.2 million
• Interest Rate: 0.95% per month
• Arrangement Fee: 2%
• Exit Fee: 0%
• Term: 24 months

Outcome: Our comprehensive support and tailored financing solution enabled the clients to proceed confidently with their project, ensuring they had the funds required to transform the office block into 11 residential apartments significantly increasing the GDV.

Contact Us: If you’re looking for expert financial solutions for your property development projects, contact Elleah Property Finance today to learn how we can help you achieve your goals.