Development of former Care Home in East Anglia
A vacant former manor house with C2 use has been purchased with Bridging Finance, with Development Finance arranged tentatively in advance, subject to full planning permission being granted. The building is arranged over various levels with additional extensions, overlooking a peaceful countryside setting.
The residential planning application visualises four apartments, and four houses with two new build houses in the grounds. Three units will be two storey mews houses, along with the remaining unit, an end terrace. The main house will comprise of four apartments, arranged over three storeys. In the spacious grounds and subject to various environmental reports required by the planning department, the borrower anticipates two four bedroom detached chalet style houses with parking and garages to be approved within the same application.
90% was arranged against the purchase price on a rolled up interest basis and 100% Development Finance is earmarked towards the project aimed to start in 2017.