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StreamBank has assisted a customer in being able to release funds to complete a conversion without any delay.
The customer owns and lives in a property which was semi commercial, from which he traded, owning both a shop and the flat above it.
The client was able to secure permission for change of use to allow the property to become entirely residential and was nearing the end of the conversion process to make it into one dwelling.
He wanted to clear mortgages with two other banks and add additional capital to fund the remaining works.
StreamBank was able to provide a quick solution which allowed the customer to release the necessary funds and complete the conversion without delay. This was great for the client as he had a deadline he needed to meet and was mid-way through the conversion process.
StreamBank were able to offer 75% LTV on day one to repay the outstanding mortgages and provide further funds to complete the remaining works.
Jamie Smith, Business Development Manager for StreamBank, said, “This deal is an example of Streambank’s ability to deliver solutions for customers effectively and efficiently, allowing the client to keep things moving with their development works without interruption. Working with Norton Finance we were able to move quickly and successfully.”
This solution driven approach has since resulted in further applications being submitted.
