Loan type: Short term loan and second charge loan
Malkit Purewal was looking to purchase a former car showroom, which he planned to convert into four residential apartments, with commercial space underneath. Malkit initially needed finance to buy the property and worked with CPC Finance to secure a short term loan.
CPC Finance arranged, via Shawbrook Bank, a loan advance for 100% of the purchase together with an additional £100,000 to complete the works. This was done by using the client’s residential house as additional security and a comfort charge was registered behind his first mortgage.
Malkit explains, “We specialise in the more complex side of property investment, particularly in houses of multiple occupancy. We have been working with the CPC Finance team for two years and they are now our preferred commercial broker. The finance we need is often time-sensitive and CPC Finance really understands the best products out there for us. The team always deliver when they say they will and this has meant that recently we have been able to do about one deal per month with them.”
Now that the conversion is complete, Malkit is working with CPC Finance to move from the short term loan to a buy-to-let mortgage. The uplift in the property’s value will mean the refinance will repay the short term loan and remove the charge on his residential house.