Borrower’s requirements: An established developer had purchased two commercial properties with consent to convert them into residential properties and was looking for a loan to complete the works. The client planned to convert the first property from an office into 10 flats and the second from an office into 13 flats, retaining the commercial use on the ground floor.

Catalyst solution: Catalyst was satisfied with the estimated cost of works and GDV, so a 12-month loan was arranged. The client was able to carry out the conversion on both properties and repay the loan through the sale of the flats.

Senior Internal BDM, 𝗦𝗮𝗺 𝗦𝗵𝗮𝗻𝗱, says “This loan was provided to a local developer on property that is almost a stone’s throw from our office. It’s great seeing unloved/run-down properties transformed into something that will provide much needed housing stock for the area, especially those you see almost every day, and knowing we have helped deliver this”