The funding facilitated the purchase of a high street commercial property in the South West, with the borrower now applying for planning permission to change the use of the ground and upper floors.
The property was leased to a retailer on the ground floor, while the upper floors were used as office space.
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The £4m purchase price was offset by the retailer paying £1m at completion to surrender their lease, since the property no longer fit their strategy.
The borrower will now attempt to convert the upper floors into flats, while the ground-floor shop will be transformed into a children’s nursery.
A pre-planning application has been submitted, with Ortus providing the client with a 12-month term.
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