Norton Broker Services has completed a complex bridging loan valued at £244,000 to assist a client in the final stages of a property conversion.

The client, a 63-year-old property owner, was midway through converting his semi-commercial property into a fully residential dwelling, having already secured planning permission for the change of use. With two existing mortgages held with separate banks, the client required additional funds to clear these debts and complete the remaining work on the conversion.

With a tight deadline to the project, Norton said it required careful navigation of lending criteria due to the property’s change of use from commercial to residential.

The specialist finance packager and master broker approached StreamBank, enabling the client to secure a 75% loan to value (LTV) bridging loan at a rate of 0.86%. This provided the necessary funds to clear the existing charges and complete the conversion without delays.

Jimmy Allen (pictured), broker account manager at Norton Broker Services, said: “By working closely with StreamBank, we quickly secured the funding our client needed at a crucial stage in their project, showcasing how we eliminate obstacles and keep things progressing smoothly for our clients.

“Our longstanding relationship with StreamBank means we have a rich understanding of their criteria and can apply that knowledge to a complex cases like this one.”

Jamie Smith, business development manager at StreamBank, added: “This deal is an example of StreamBank’s ability to deliver solutions for customers effectively and efficiently, allowing the client to keep their development works moving without interruption. Working with Norton Finance, we were able to act quickly and successfully.”