The Client’s Initial Challenge:
Our client had a vision to transform a derelict barn in Castle Cary into a stunning, high-specification rural retreat that would complement the area’s natural beauty.
Initially, we provided a loan of £250,000 to support the development. However, midway through the project, the client recognised an opportunity to significantly increase the property’s sale value from circa £850,000 by converting the dormer space in the roof.
To achieve this enhanced finish, they required additional funding beyond their initial budget to maximise the barn conversion’s potential and overall value.
The Magnet Capital Approach:
Believing in our client’s ambition and the potential value of their project, we worked closely with them to ensure they had the necessary capital to enhance the build.
We swiftly approved a £200,000 increase in their facility within hours, with an increased Gross Development Value (GDV) of £1,500,000 and a competitive rate of 1.1%
The Power of Partnership:
Magnet Capital director, Sam Howard, said:
“We realised that by quickly providing an additional £200,000, the client had the ability to achieve their vision of turning a derelict barn into a beautifully restored rural property – increasing the final property valuation by over £600,000 (est. £1.5m) and ultimately leading to a much greater return on investment. The fact our client could pick the phone up to a decision maker was a huge benefit.“
If you’re looking for support with a barn conversion project and require a strategic funding solution – contact us on 020 8075 3255 or hello@magnetcapital.co.uk.
