Black Book Finance has completed a development finance transaction for £13.6m with Shawbrook Bank.
The transaction was for the purchase of an office block with consent to be converted into 74 residential units.
Shawbrook agreed a dual facility, with the first tranche based on the current consent and further funds to be drawn on receipt of the revised consent, and the funding was completed in six weeks from application.
Michael Clapper, executive chairman at Black Book Finance, said: “This was a complex development deal with strict deadlines, and I have to say that our team did an outstanding job.
“Likewise, the team at Shawbrook were a genuine pleasure to work with as ever, and pulled out all the stops to ensure it completed in time.”
Stephen Johnson, deputy chief executive and managing director at Shawbrook Bank, said: “I am confident that Black Book Finance will continue to go from strength to strength.
“We are delighted with this latest completion, and even more so to welcome Black Book as a Shawbrook partner.”
An application has been submitted to add further units in the roof space.