Heavy refurbishment bridge
The borrower was an experienced property developer, looking for finance to fund a project. The developer was purchasing vacant commercial units, with a view to converting them into residential dwellings under Permitted Development Rights, in South London.
Oblix Capital provided £577k for the purchase of a property and a further £150k for the development aspect of the project. The loan was used to assist in the conversion of a raised and lower ground floor commercial property to a two bedroomed flat.
The property was valued at £1.25m and the borrower required a loan of £727k over 13 months.