Purchase of a Chinese restaurant with residential above

We were approached to fund the purchase of a mixed-use property in South West London. The property consisted of a Chinese restaurant on the ground floor with residential accommodation above.

The residential accommodation was not fully self-contained with access being via the rear storage area of the restaurant.

The borrower had entered into an option agreement to purchase from the landlord and was time constrained to complete on the purchase before the option ran out.

We were comfortable with the valuation, and the plans of the borrower to block the entrance from the restaurant to the residential accommodation, allowing the client to refinance with a term lender on completion of those works.