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%
Client converted the office uppers to four residential flats.
Added 480k of value
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.