A former pub owner has obtained a heavy refurbishment bridging loan to convert his previous business premises into a residential dwelling, according to Precise Mortgages, which arranged the financing in partnership with broker KIS Bridging Loans.<\/p>\n
The borrower had secured planning permission for the change of use from commercial to residential before approaching lenders. Precise provided 70% loan-to-value funding on day one, with additional capital available through staged drawdowns as construction progresses.<\/p>\n
The transaction involved a regulated bridging facility due to the borrower\u2019s intention to occupy the converted property as his primary residence. Ross Williams, specialist finance account manager at Precise, worked with Sam O\u2019Neill, senior bridging consultant at KIS Bridging Loans, to structure the deal.<\/p>\n
\u201cThis case helps illustrate just one of the many ways that bridging can help provide a sound financial solution towards a client\u2019s objective, which in this case was very much a personal focus,\u201d said Alan Kimber, head of bridging at Precise.<\/p>\n<\/p>\n
Kimber noted that the specialist bridging team draws on the lender\u2019s 15 years of experience in the bridging market.<\/p>\n
O\u2019Neill from KIS Bridging Loans stated that regulated pub conversions requiring drawdown facilities fall outside typical bridging criteria. \u201cA regulated pub conversion requiring drawdowns is not a typical bridging case and this is where it\u2019s important to look beyond the headlines of the deal,\u201d he said.<\/p>\n
The broker cited the working relationship with Precise\u2019s underwriting team as a factor in completing the transaction. \u201cWhilst complex deals need to tick a few boxes to fit criteria, it\u2019s important that all options are explored to ensure the client isn\u2019t left with an unnecessarily expensive outcome,\u201d O\u2019Neill added.<\/p>\n
The case reflects the bridging market\u2019s capacity to finance non-standard property conversions, particularly where borrowers have personal connections to the asset being refinanced. The staged drawdown structure allows borrowers to access capital as refurbishment work progresses, rather than requiring full funding upfront.<\/p>\n","protected":false},"excerpt":{"rendered":"
A former pub owner has obtained a heavy refurbishment bridging loan to convert his previous business premises into a residential dwelling, according to Precise Mortgages, which arranged the financing in partnership with broker KIS Bridging Loans. The borrower had secured planning permission for the change of use from commercial to residential before approaching lenders. Precise […]<\/p>\n","protected":false},"author":1,"featured_media":4398,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-9257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\n