Challenge: Our client, who owned a semi-commercial property with an office space and a three-bedroom maisonette, approached RHL Unique Financial Solutions seeking a loan to convert the maisonette into two separate two-bedroom flats.
Solution: RHL successfully secured a facility allowing the client to proceed with the conversion project. However, when it came time to refinance with a long-term mortgage the application was declined due to discrepancies between the completed conversion and the approved planning permission.
Action: Recognising the urgency, RHL swiftly explored alternative solutions. Due to the non-compliance with the planning permission, securing a traditional term loan proved challenging. RHL opted for a strategic approach:a.
Including:
- Securing a bridging loan: RHL arranged a new loan with an alternative lender, providing the client with additional time and resources to complete the conversion according to the approved plans.
- Ongoing communication and guidance: RHL maintained close communication with the client, offering expert advice and ensuring they understood the importance of adhering to the planning regulations.
Outcome: Once the conversion was completed in accordance with the planning permission, RHL successfully re-approached the original lender. This time, the client’s application for a term loan was approved, providing them with a long-term financing solution.
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