A former pub owner has secured a heavy refurbishment bridging loan to convert the building he once ran into a residential family home, in a deal arranged by specialist lender Precise Mortgages in partnership with broker KIS Bridging Loans.
The client had already obtained planning permission to change the use of the pub to a dwelling and needed finance to begin the transformation. Precise provided 70% day one lending, giving the borrower the upfront capital to start work immediately, with further funds available through staged drawdowns as the project progresses.
A personal project with a complex structure
Ross Williams, specialist finance account manager at Precise, worked closely with Sam O'Neill, senior bridging consultant at KIS Bridging Loans, to find a solution that met both the technical and personal dimensions of the case. What set it apart from a standard refurbishment deal was the client's connection to the property: he had previously operated the pub himself and plans to make the converted building his permanent home.
"This case helps illustrate just one of the many ways that bridging can help provide a sound financial solution towards a client's objective, which in this case was very much a personal focus," said Alan Kimber, head of bridging at Precise (pictured). "Ross and the specialist bridging team have built up a wealth of knowledge between them, and when you combine this with Precise's 15 years' experience as a bridging lender, the combination is hard to beat."
"We work hard to deliver consistently for our broker partners, and we're always enhancing our service through evaluation of broker feedback so that together we can achieve stronger outcomes for clients."
Why specialist knowledge mattered
For KIS Bridging Loans, the deal required looking beyond the surface of the application to establish the right lender fit. A regulated pub conversion with drawdown requirements sits well outside standard bridging criteria, and O'Neill credits the working relationship with Precise's team for the smooth execution.
"A regulated pub conversion requiring drawdowns is not a typical bridging case and this is where it's important to look beyond the headlines of the deal," said O'Neill. "From our experience of working with the specialist bridging team at Precise, we knew they'd be the right fit for this case. We worked closely with Ross and the underwriters to ensure things ran as smoothly as possible and that we weren't trading price for service."
"Whilst complex deals need to tick a few boxes to fit criteria, it's important that all options are explored to ensure the client isn't left with an unnecessarily expensive outcome. All in all, it was a really great result, and the client was obviously delighted."
