Heavy refurb plus complex ownership structure made simple




12 months




From the outset we knew this would be a complex case, but that’s what we do best, so didn’t shy away. A relatively small old office building was the asset that the borrower planned to refurb in order to change the purpose of the premises to serviced apartments with full planning permission.

One partner in the business was abroad in Vancouver, Canada, so the time difference meant communication wasn’t straightforward. The additional complication was the ownership structure of the business wasn’t entirely clear and had several parties involved. This was a bit of a web to untangle, but nothing that phased the Hope Capital team.

Even when we discovered that one of the borrowers had historic credit issues we were determined to find a solution that would work for them and us.


Once we understood the ownership structure and had completed the necessary due diligence, we then looked at the project plan for refurbishment. We use an independent company to assess each development plan against build costs, timescales and planning permission. This company will then also monitor the development, any building regulation and planning permission throughout the loan, adding their expertise by assessing again at each staged drawdown.

Given they had some experience of refurbishing property and had a team ready to go, we were confident they could achieve what they needed to in the timeframe.

The historic credit issues were explained and we felt comfortable to lend. We offered a 60% LTV and agreed the drawdown stages with the borrowers.


Hope Capital completed the deal after 2 weeks even though one of the business partners was abroad.

The video calls we undertake help get everyone on the same page and push things through, in spite of being across the pond! The client drew down the funds during the refurbishment of the property, pretty much as planned and agreed, and completed the refurbishment within the term of the loan.

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