Norton Broker Services achieved a milestone by completing a £244,000 bridging loan for a property conversion.
- The 63-year-old client needed funds to complete converting a semi-commercial property into a residential dwelling.
- The challenge included navigating complex lending criteria due to the property’s change of use.
- A 75% LTV loan was secured through StreamBank at a competitive rate, allowing timely project completion.
- Norton’s strategic partnership with StreamBank facilitated smooth and efficient funding procurement.
Norton Broker Services has successfully executed a complex bridging loan, valued at £244,000, to support a 63-year-old property owner in the final stages of transforming a semi-commercial property into a fully residential dwelling. Having already secured planning permission, the client required additional funds to clear existing debts and complete the conversion.
This conversion posed several challenges, primarily due to the property’s change of use, which necessitated navigating intricate lending criteria. The client held two existing mortgages across different banks, prompting an urgent need for additional funding to adhere to a looming deadline.
Exploiting its strategic partnership with StreamBank, Norton facilitated a 75% loan-to-value bridging loan at a competitive interest rate of 0.86%. This financial arrangement provided the necessary capital to clear the existing charges, enabling the client to proceed with the project without delays.
Jimmy Allen, Broker Account Manager at Norton Broker Services, highlighted the significance of their collaboration with StreamBank, stating it underscored their ability to remove obstacles and advance client projects efficiently. “By working closely with StreamBank, we quickly secured the funding our client needed at a crucial stage in their project, showcasing how we eliminate obstacles and keep things progressing smoothly for our clients,” he said.
StreamBank’s Business Development Manager, Jamie Smith, remarked on the deal as an exemplar of effective and efficient customer solutions, allowing seamless project progression. “This deal is an example of StreamBank’s ability to deliver solutions for customers effectively and efficiently, allowing the client to keep their development works moving without interruption,” Smith added.
The strategic collaboration between Norton Broker Services and StreamBank exemplifies effective financial solutions, ensuring project completion without delays.
