CONVERSION OF CARE HOME TO 6 LUXURY NEWBUILD APARTMENTS HALIFAX, YORKSHIRE

A former care home situated near Calderdale Hospital in affluent Stafford Manor Area of Halifax purchased and then refurbished into to 6 luxury apartments.

Sector Residential

Asset Class Apartments

NUMBER OF UNITS 6 Units

GDV £2.1m

What we did

Our client was a 1st time developer, and live close to the former care home and had the foresight and vision knowing the local area, that this would be a fantastic conversion into a 6 luxury high end self-contained apartments complex with private gardens in a gated community.

Focus Commercial assisted and guided our clients by sourcing and obtained the acquisition funding for the site from a receiver, and once planning was obtained for the change of use, arranging a refinance with a full refurbishment loan to repay the existing acquisition purchase loan and for the full construction and associated costs to renovate this to 6 luxury gated apartment complex with gardens and parking.

Development guidance, expertise and services we provided:

Secured the project site with rapid acquisition funding.

Prepared a detailed Development Appraisal to submit to the development lenders.

Confirmed to developer client that the scheme was profitable and fit for funding presented through Focus.

Obtained development maximum LTC Peak Senior Debt Funding.

Prepared a detailed Development Credit Paper to submit to the development lenders.

Prepared a detailed Development Appraisal to submit to the development lenders.

Prepared a detailed Development Cashflow Forecast to submit to the development lenders.

Recommended a competent specialised corporate real estate lawyer to our client.

Advised and arranged for our client Structural Defect Warranty Insurance.

Project Managed the whole loan process on behalf of client, dealing with the lender, valuer, lender IMS, lenders solicitors and client solicitors.

Assisted our client by calculating & presenting the monthly valuation request to the lender and lender’s IMS (Independent Monitoring Surveyors) requirements for drawdowns.