Case Study: Conversion of a House into 2 Units in Winchester

Case Study, Development Finance

What did our Clients do?

Background

Our clients owned a property in Winchester valued at £750,000 with a £460,000 mortgage. They secured full planning permission for a large double-storey extension to convert the house into two separate units.

Project Details

Cost of Works: £550,000
Gross Development Value (GDV): £1.7 million

Funding Requirements

The clients needed to clear the existing mortgage and raise the full build costs.

Elleah Property Finance’s Solution

Leveraging our strong relationship with the lender, Elleah Property Finance navigated several challenges to secure the full funding required. This included:

Clearing the £460,000 mortgage.
Securing £65,000 upfront for the build costs.
Arranging for the remaining build costs to be funded in arrears.

Financial Terms

Interest Rate: 0.83% per month
Arrangement Fee: 2%
Exit Fee: 0%
Total Borrowing: £1,138,890
Term: 18 months

Outcome

Thanks to our excellent partnership with the lender and our expertise in overcoming obstacles, we successfully facilitated the property transformation, maximising the clients’ investment and achieving the results the clients wanted.

If you’re looking for expert financial solutions for your property development projects, contact us today to discuss how we can help you achieve your goals.