Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
Due to Care Quality Commission rulings numerous care homes all over the country have been shut. Due to the NHS crisis a decent number of public buildings e.g. homeopathic hospital, childrens hospitals etc. are ripe for development.
Background: I run a successful HMO in a limited company structure.
I am now interested in property investment with a bit more scale. i.e. converting a care home to a block of circa 20 flats. This is obviously quite complex and not for everyone.
1/ Good accountant
2/ Average lawyer!
3/ A highly capable builder & strong relationships with all trades in local area
1/ Add value through refurbishment / changing of planning use
2/ Hire architect to get planning permission and optimise flats design
The big question: Finance!
I do not want to use a bridge – I think it will take a huge chunk out of the end profit and will also put pressure on the entire project.
I would ideally like to hold the entire block and rent them for the next 10 years+
My issue is that a BTL lender wont lend on something that needs converting first and development finance want me to sell within a certain time frame.
How can I get around this?
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