The purchase
Client leveraged his residential property to purchase grade 2 listed commercial property, consisting of 4 retail units and 2 floors of office above.
Purchase price £720k
Loan amount £650k at 0.75%
The works
Client converted the office uppers to four residential flats.
Spent £150k
Added 480k of value
The result
GDV – £1.2m
Commercial annual rent – £45k
Residential annual rent – £30k
Remortgage at 75% LTV onto semi-commercial mortgage – release 900k to repay finance & costs.
£179K left to invest in next project.
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* bespoke quotes supplied the next working day following provision of all required lender information being supplied and validation by Propp case manager
† saving based on annualised interest rate saving where deal optimiser service negotiated a lower rate than lender’s published rate, based on current average saving of 0.9% and average loan £1051785. Time saving based on automated versus manual bespoke rate requests.