Gravesend Office Conversion: £4M Facility Enabling 37 Apartments.
Overview
A client required a £4m loan to convert an office block in Gravesend to 37 flats. The borrower chose London Credit for our flexibility in structuring transactions to suite customers’ circumstances and needs. In this instance, LC utilized as additional collateral another property owned by customers to enable funding of 90% of cost, exceeding the initial as is value of the empty office building shell and agreed a flexible drawdown schedule with monitoring of progress in line with customers’ development plan.
Key Loan Terms
£4,000,000
50%
14 months
Office Block, Walthamstow, London / Office block Gravesend – under conversion
Conversion of office block to 37 apartments
What Made the Case Interesting?
The borrower required higher leverage than the primary asset alone could support, along with flexible drawdowns tied to construction stages. Strengthening the security package with an additional asset was key to delivering the required funding.
Solution
London Credit swiftly issued terms and structured a facility using both assets to maximise available leverage. The flexible drawdown schedule supported the development programme, while proactive communication ensured a smooth process from start to finish. The loan completed on time, allowing works to begin immediately.
The borrower noted:
"London Credit delivered exactly as promised, making completing the transaction a breeze with hands on service and dealing with issues that arose in a professional and commercially correct manner. Highly recommend working with them."
