Precise has completed a heavy refurbishment bridging loan to help fund the conversion of a former pub into a residential family home.
The deal was arranged by Ross Williams, specialist finance account manager at Precise, working with Sam O’Neill, senior bridging consultant at KIS Bridging Loans, for a client who owned the building and had secured planning permission to change it from a pub into a home.
With consent in place, the borrower was ready to begin renovation work but needed additional finance to start the project.
Precise provided 70% day one lending to give the client initial capital for the refurbishment, with further funding to be released through staged drawdowns as the works continue.
The lender said the case stood out because the borrower had previously run the pub and is now converting it into a home for their family.
Alan Kimber (pictured), head of bridging at Precise, says: “This case helps illustrate just one of the many ways that bridging can help provide a sound financial solution towards a client’s objective, which is this case was very much a personal focus.
“Ross and the specialist bridging team have built up a wealth of knowledge between them and when you combine this with Precise’s 15 years’ experience as a bridging lender, the combination is hard to beat.
“We work hard to deliver consistently for our broker partners and we’re always enhancing our service through evaluation of broker feedback so that together we can achieve stronger outcomes for clients.”
O’Neill adds: “A regulated pub conversion requiring drawdowns is not a typical bridging case and this is where it’s important to look beyond the headlines of the deal.
“From our experience of working with the specialist bridging team at Precise, we knew they’d be the right fit for this case. We worked closely with Ross and the underwriters to ensure things ran as smoothly as possible and that we weren’t trading price for service.
“Whilst complex deals need to tick a few boxes to fit criteria, it’s important that all options are explored to ensure the client isn’t left with an unnecessarily expensive outcome. All in all, it was a really great result, and the client was obviously delighted.”
