Commercial-to-Residential Conversion, Birmingham
£5.6m development facility · 68% LTGDV · 38-apt office conversion, completed 11 months ahead of schedule.
The Client
Birmingham-based developer
The Challenge
A 1970s office block with vacant possession was acquired for £2.1m with permitted development rights for conversion to 38 apartments. The developer needed a single facility covering the existing site and the full conversion works.
Our Solution
Doulton arranged a £5.6m development facility at 68% LTGDV. The lender's monitoring surveyor was appointed at the outset, with monthly drawdowns aligned to certified works valuations. PD prior approval was confirmed before the main drawdowns started.
The Outcome
The scheme completed 11 months ahead of the original programme. All 38 apartments delivered to handover standard. Sales pace exceeded forecast and the senior debt was repaid early, allowing the developer to deploy equity on the next acquisition. Key highlights: 11 months ahead of original programme; PD-led acquisition + conversion in single facility; Early redemption - developer redeployed equity quickly.