BRIDGING LOAN TO CONVERT WAREHOUSE TO A CHURCH IN CROYDON

BRIDGING LOAN TO CONVERT WAREHOUSE TO A CHURCH

Area
Croydon,London
Capital Raised
£540K

Most of us are familiar with church properties being converted to apartments, offices, restaurants and sports halls. Conversion from commercial to religious use is another matter…

The Scenario

The pastors of a south London church, which was currently renting premises as their place of worship, had found warehouse premises for sale in Croydon which could be suitable for conversion to a church and community centre.

The 9,231 sq ft warehouse space was valued at 830K.

With planning permission for multi-use as a church and community centre, its future valuation was estimated at £1.2M. With residential planning permission, it would sell for upwards of £2M.

The church put down £1.3M towards the purchase price. The vendor offered a discount and sold for £1.87M if the church could move quickly. We were approached by one of the pastors to secure bridging finance.

The problem with finding a suitable lender for a church is the issue of “reputational risk”. If the lender should ever need to repossess the property, it would not make a good headline in the local paper.

The Solution

We have worked with a number of churches in the past, and with the exception of those managing an estate of historic properties have found that most of them have strong financial support and a history of paying good rents.

We matched our church clients with one of the few specialist lenders willing to advance a bridging loan to a charity. A bridging loan of 540K would allow them to purchase the premises and apply for D1 non-residential institutional planning permission.

As soon as planning permission is granted, they can refinance with a commercial mortgage, and their future will be secure.

In a similar situation? Call our mortgage team on 0117 959 5094 or use our bridging loan calculator to get an indicative quote

Max Mallinson

Finance Broker CeMAP

Cardiff

0117 332 5977

Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.

Book a free telephone consultation with me at a time to suit you.

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Jonathan Moffatt

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Cardiff

0203 880 8890

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Alex Morris

Private Client Adviser

Bristol

0117 332 5061

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I have extensive experience securing UK mortgages for clients. Book a free telephone consultation with me at a time to suit you.

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Scott Dutfield

Finance Broker

Cardiff

0117 959 5094

Are you looking for a similar type of property finance?

As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you

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Carly Cheeseman

Head of International

Bristol

0117 457 9922

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Nick Kerley

Finance Broker

Cardiff

0117 959 5094

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As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.

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Louis Levine

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Sam Baker

Finance Broker

Cardiff

0117 959 5094

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As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.

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Fergus Allen

Senior Finance Broker

Cardiff

0117 959 5094

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Jacob Phipps

Finance Broker

Bristol

(+44) 0117 959 5094

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I specialize in helping international clients source residential and investment property finance for UK property. Book a free telephone consultation with me at a time to suit you.

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Jack Spillane

Finance Broker

Bristol

0117 959 5094

Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need. customDatabaseField-8455

Mathew Phillips

Senior Finance Broker

Bristol

0117 959 5094

Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.

Book a free telephone consultation with me at a time to suit you.

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Alex Chambers

Senior Private Client Adviser

Bristol

0117 403 4324

Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.

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Luther Yeates

Senior Finance Broker

Bristol

0117 244 5561

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Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

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I am a bridging finance specialist at Clifton Private Finance. I can find a quick, cost-effective solution for the funding you're looking for. Book a free telephone consultation with me at a time to suit you.

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