A non-UK national and first-time developer approached us to secure funding for an ambitious property project in South-West London. The client purchased a property for £1.65 million, aiming to transform it into a state-of-the-art co-living space. The redevelopment plan included converting five bedrooms into 16 large studio apartments, complemented by shared amenities such as a gym and three lounges.

The project also envisioned extensive structural enhancements, including side and rear extensions, a loft conversion, and a new fourth-floor airspace addition. Upon completion, the total floor area would expand from 240sq metres to 550sq metres, with a projected Gross Development Value (GDV) of £5.4 million and an anticipated annual rental income exceeding £360,000.

The client faced multiple challenges that complicated the financing process:


• As a non-UK national, the client’s international status introduced regulatory and due diligence complexities.
• The entirety of their wealth originated from mainland China and Hong Kong, adding layers of complexity in fund verification and compliance with international finance regulations.
• The client’s inexperience as a developer, especially in the technically demanding area of airspace development, presented additional risks from a lender’s perspective.

Our proficiency in managing complex international financing enabled us to find a lender adept at handling the intricacies of such scenarios. We arranged a refurb bridging loan at a competitive rate of 0.79% with a 9-month term, including a flexible early repayment option after the first three months. This initial funding was crucial to kickstart the refurbishment soon after the property acquisition. Furthermore, the loan is set to transition to development finance upon granting of planning permission, which will cover 100% of the £720k construction costs.

The strategic financing approach provided by Portway Finance allowed the client to swiftly commence the renovation of the existing structure while awaiting the necessary planning permissions for the full development. The bridging loan effectively covered both the purchase price and the initial building costs, ensuring no delays in project initiation. With our strong lender relationship facilitating rapid valuation and loan processing, the project is well-positioned for a seamless transition to complete development financing.

This case study underscores our capability to navigate complex, cross-border financial landscapes, ensuring our clients achieve their property development goals irrespective of their geographical or financial backgrounds.