Residential Bridging Loan
The clients were seeking for a Net Loan of just over 2 million to purchase a freehold residential property and obtain planning permission to convert the property into a large HMO. The property was tenanted, and the plan was to evict the tenants whilst the clients were working on obtaining planning. The loan was provided in tranches. The 2nd tranche was provided in 4 months after drawdown when planning and vacant possession was obtained, for the clients to complete the works.