Planning Permission and Building Regulations were approved for the erection of a three- storey extension following the demolition of the existing extensions to facilitate 8 x 2 Bedroom flats, with a life expectancy of 25 years.
This project had already commenced over a year ago and was known to No Use Empty. At that time funds were in place to see the project through without our support.
The original project went through a tendering process and was subject to an independent Valuation Report, which reflected that whilst this is a complex development (retention of existing front façade) there is a relatively high construction cost.
The project was closely monitored throughout and savings made without compromising the overall finished project.
However due to a high number of mortgage lenders reducing their loan to value ratios due to the current financial climate, the funding available to the applicant was effectively capped at the reduced rate and funds were quickly exhausted, leaving the project in a state of limbo.
However, with the No Use Empty Initiative willing to loan up to 90% of the property value, we were able to discuss with all relevant parties a way forward to ensure that the project would be completed.
Having successfully met the requirements of the application process, a loan was provided to cover only the value of the remaining project costs, £135,000, much to the joy of the applicant.
Their appreciation was shown in an e-mail sent in December 2009,
“Thank you so much Steve (Grimshaw) for all the work you have done to help us achieve this loan and that thank you also goes to Andrew Lavender and Mike Thompson”.