978 bridging

978 Bridging completes deal for commercial conversion with no extension or default interest fees

978 Bridging has arranged funding for the conversion of 'unloved commercial premises' into living space, in Barrow-in-Furness, Cumbria.

Prestige Properties North West Ltd had spent 18 months trying to secure a loan with another broker to finance its second commercial conversion project.

While it had agreements in principal from 11 lenders, none of them “ticked all the boxes”.

Carl Waters and Neil Hodgson, directors at Prestige Properties, decided to approach 978 Bridging with the case and, within 24 hours, the brokerage had a decision in principal at the correct debt levels to get the project moving.

The £250,000 loan was completed during the pandemic at 65% LTGDV and 0.75% pcm, with no extension fees or default interest.

In a joint statement, Carl and Neil said that the team at 978 Bridging were efficient and its managing director, Simon Das, was “available at any time”.

“They worked closely with our solicitors and architect and even attended the valuation to help us get the best result,” they said. 

“Simon used his experience and strong relationships to hold the door open, even amid the pandemic.

“He managed to negotiate an extended loan term during lockdown and secured us a deal with no extension fees and no default interest, which in the current climate with all the unknowns is such a relief.”

Simon added: “It was an absolute pleasure to deliver above expectations and get a solid result for some ambitious young developers. 

“We are looking forward to seeing this unloved commercial premises become another high-spec living space in the coming months.”

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