Development Finance Today features Signature Property Finance’s significant loan deal
Managing Director at Signature Property Finance, Tony Gilbertson, commented on the loan provided to complete conversion works, after the initial alternative lender pulled out.
Development Finance Today (DFT) was launched in 2014 in response to the UK’s growing housing deficit and lack of awareness of specialist development finance.
DFT reports and educates on everything involved in the property development finance process, building a reputation as the go-to publication for breaking news, exclusive interviews, case studies, product updates and authoritative features.
The article goes into greater detail about the terms of this loan, with comments from Tony regarding future applications they’re expecting for short-term property finance.
The article can be viewed on the DFT website or read the full article below.
Signature Property Finance provides £235,000 for shop-to-flat conversion
Signature Property Finance has completed a £235,000 loan for the conversion of a shop into a flat.
The facility was provided against the existing value of the property of £363,000 (at 65% LTV), subject to a completed value of £400,000 and a reduced LTV of 59% prior to exit onto a BTL mortgage.
The case was brought to the specialist lender by Complete FS.
The loan will be used to uplift an existing private loan and fund the completion of the conversion works, after an alternative lender pulled its offer at the eleventh hour, which put the developer under time pressure.
Tony Gilbertson, CEO at Signature Property Finance (pictured above), said: “Here at Signature, we have a deep and genuine understanding of the property market and the way it is changing, which needs committed alternative lenders to step up and support developers with vision.”
He added that Signature Property Finance was expecting to receive more applications for short-term property finance to fund their purchase and conversion to homes, given the growing number of empty offices and shops made worse by the pandemic.