Norton Broker Services secures £244,000 mid-conversion bridging loan for residential development

25 October 2024

Norton Broker Services, a leading specialist finance packager and master broker, has successfully completed a complex bridging loan valued at £244,000 to assist a client in the final stages of a property conversion.

The client, a 63-year-old property owner, was midway through converting his semi-commercial property into a fully residential dwelling, having already secured planning permission for the change of use. With two existing mortgages held with separate banks, the client required additional funds to clear these debts and complete the remaining work on the conversion.

Facing an urgent deadline, the project required careful navigation of lending criteria due to the property’s change of use from commercial to residential, making timely access to funds crucial for its completion.

Using its market expertise and extensive lender relationships, Norton approached StreamBank, enabling the client to secure a 75% loan-to-value (LTV) bridging loan at a competitive rate of 0.86%. This provided the necessary funds to clear the existing charges and complete the conversion without delays, ensuring the project stayed on track.

Jimmy Allen, Broker Account Manager at Norton Broker Services, said:

“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.

“Our longstanding relationship with StreamBank means we have a rich understanding of their criteria and can apply that knowledge to a complex cases like this one.”

Jamie Smith, Business Development Manager at StreamBank, commented:

“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. Working with Norton Finance, we were able to act quickly and successfully.”

The successful outcome has resulted in further applications being submitted, highlighting the effective partnership between Norton Broker Services and StreamBank in delivering quick and reliable financing solutions for complex cases.