‘Contractors haven after a long day at work’

The prospect purchased an ex-commercial office building located in the heart of a small-town centre in the North East. The town is renowned for external contractors requiring short stay accommodation to work in the local steel, mining, and oil industries. The prospect obtained planning permission to convert the property into a 9 bed HMO providing much needed short stay accommodation.

The prospect required £95,000 to complete the purchase of the site with the prospect putting in the balancing funds. The prospect decided to rent the property for several months prior to the purchase to enable them to push on with the conversion and get the site moving. Funds were required quickly as the prospect was naturally increasing the value of the property prior to the purchase.

We took a 1st charge over the property with the prospect then putting the funds and expertise into the quick conversion. The quick turnaround in the deal meant the purchase transaction could be completely quickly which in turn meant their initial investment and time had not been wasted if the purchase had not been completed.

The prospect was introduced, and the deal was completed within 2 weeks from the introduction.