FRP Real Estate Advisory arranges £1.1m refinance for Reading office conversion
The deal covered four lenders and seven leases at 75% loan-to-value (LTV).
FRP Real Estate Advisory has arranged a £1.1m refinance for a completed office-to-residential conversion in Reading.
The deal covered four lenders and seven leases at 75% loan-to-value (LTV).
The property was split into six residential leases and one ground-floor commercial lease to meet the lenders’ requirements.
The freehold was retained in a holding company, with all four facilities completing at the same time.
MT Finance and Landbay were among the lenders involved.
The refinance released equity for an experienced property refurbishment contractor, which will help fund another office-to-residential project in the South East.
The client self-funded the conversion of a former hairdresser’s with offices above and completed the scheme earlier this year.
Jury O’Shea LLP provided legal support on the transaction.
Gareth Briggs (pictured), associate director at FRP Real Estate Advisory, led the deal after previously advising the same client.
Briggs said: “Coordinating four lenders across seven leases so everything was completed on the same day was a genuine structuring challenge, and it took real patience from everyone involved to get there.
“Each lender had its own requirements, so aligning the leases, the freehold structure and the timing took some careful planning behind the scenes.
“It’s great to be working with the client again after a previous deal together, and I’m looking forward to helping them get moving on their next project.”
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