The customer in question set about converting the upper floors of a city-centre office building into separate flats, using a bank loan to finance the project.
The bank took a first charge as expected, but then refused to allow a second charge to be registered, thereby bringing the project to an abrupt halt. This is where the customer contacted us and told us about their predicament.
We were ready to help, and quickly organised a property development loan for the customer. This enabled them to pay off the amount they owed to the bank, and it secured a further £350,000 for the rest of the project. With our help, the customer completed the conversion within nine months.