DNG Kidderminster Properties Ltd
Nick Sellman, Director of DNG Kidderminster Properties, is an experienced developer who has been undertaking residential conversions since 2008.
We provided him with a loan of £1.365m to repay an existing Bridging loan of £290k which he had with us, and to give Nick better leverage security to purchase new sites he had identified for development.
With a further planning application granted for the ground floor of the buildings in Kidderminster to be converted from commercial units to residential, the next step for Nick is to let the units and refinance into a commercial BTL mortgage.
“Our client, an experienced Birmingham-based developer, sourced and funded an office-to-residential conversion opportunity for £440k, supported by our bridging loan of £290k. Once the site was 80% complete we raised a new loan of £1.365m to enable the client to repay the original loan and to channel part of the equity from the site towards the financing of a new investment opportunity.”