£2.3 Million Commercial Bridging Loan for Office-to-Residential Conversion

• Loan Amount: £2.3 million
• Security: Vacant office building in Reading
• Purpose: Acquisition and conversion to residential apartments
• Exit Strategy: Sale of completed units or refinance
• Timeframe: Completion within 21 days

Global Bridging Finance was approached by a property developer seeking funding to purchase and convert a vacant office building in Reading into 14 luxury residential apartments. The property, valued at approximately £3.5 million, was situated in a desirable commuter area, generating strong demand for high-end flats.

The client had already secured planning consent for the conversion but faced a tight deadline for completion imposed by the vendor. Conventional funding routes were too slow, so Global Bridging Finance sourced a £2.3 million commercial bridging loan to facilitate the purchase and initial works.

The loan was secured against the property on a first-charge basis, with funds released swiftly to meet the deadline. Our team worked closely with the client’s solicitors and the lender’s underwriting team to overcome challenges related to the property’s mixed commercial history and valuation constraints.

The bridging facility provided the developer with the flexibility to commence conversion immediately, offering a clear exit strategy to either refinance into a development or investment loan or sell the completed units for a profit.

This case demonstrates Global Bridging Finance’s ability to efficiently secure complex commercial bridging loans, enabling developers to act quickly on high-value opportunities and transition seamlessly from acquisition to development.