- Location: Heathrow
- Project GDV: £9,600,000.00
- Gross Loan Amount: £3,100,000.00
- Term: 19 months
- Secured Against: First charge on a commercial property in London
This project involved converting a modern office block near Heathrow into residential flats. On completion, the developer sold them as accommodation for airport staff. The property was the perfect blank canvas for the developer, with Permitted Development Rights (PDR).
About the property:
The property is a three-storey detached modern office building of 19,440sqft, including a basement car park. It forms part of a wider office complex known as ‘The Quartet’. The conversion created 42 stylish and contemporary apartments of 400 to 500sqft each.
Reditum Capital’s involvement:
We used our Development Finance and Bridging Loan products to create a bespoke facility that suited both our client as borrower and us as lender. The loan facility had a 19-month drawdown option but we also gave the borrower the option of exiting after 5-months when bank finance kicked in. Our facility funded 90% of the acquisition costs and allowed a minor contribution towards the redevelopment costs.