Rundown office space converted into luxury city centre apartments

A broker approached Momentum in desperate need of completing a facility due to another lender moving the goalposts time and time again. The funder changed the parameters of a facility upon starting the legal process, which was the final straw and left the client feeling as though they had no other option but to withdraw from the deal.

The client required 70% LTV which equated to £245,000, to purchase a property in the centre of Wakefield that had been ongoing for four months with their previous funder. Momentum, we're able to set in and get the facility into the legal process within four days from the broker's initial phone call, which was much to the client and broker's relief. The property was a former office building and housed local businesses, with the property in a relatively low state of repair. The property had planning permission to convert into 8 x 1,2 & 3 bedroom apartments with off-road parking, which would create the perfect homes for young professionals with easy access to local rail links and motorways.

The purchase completed allowing the client to start the repurposing and renovation works for the conversion. The client was so pleased with the service and speed of Momentum; a 2nd facility is already in the due diligence process.