Specialist property finance lender LendInvest has provided a £5.5m loan to fund the development of 24 new homes in Glasgow, Scotland.
The development finance loan will fund the conversion of a Grade II listed former Belmont Church two miles outside of Glasgow city centre with good transport links into the city.
Upon completion the historic site will have been converted into 21 one, two and three-bed flats, and three two-bed mews houses with small private gardens. These homes will be marketed to young professionals who seek quick access to the city. The borrower, Ross Harper, is experienced.
Construction is expected to be completed by late October 2018. The total Gross Development Value is forecast at just under £8.m. The developer acquired the site in 2017 with planning permission already in place for the proposed works.
Steve Larkin, director of development at LendInvest, said: “The potential for development in Glasgow is huge, and projects such as Belmont are a key example of where developers can bring old or disused properties back into circulation in ways that add social and economic value to their local areas.”
This deal coincides with the second Scottish LendInvest Property Development Academy which will be hosted in Glasgow today. The Academy will equip 25 aspiring Scottish property developers with the knowledge they need to start and complete projects.
The Academy’s Scottish courses, the first of which was officially launched last year by Kevin Stewart MSP, the Scottish Housing Minister, are supported by Homes for Scotland, the voice of the Scottish homebuilding industry.
Larkin added: “The untapped potential in the area is why initiatives such as our Property Development Academy are so important.
“Ensuring local developers are armed with right tools to get started with their projects is essential to helping add new homes to Scotland’s housing stock.”
Ross Harper, owner of Plutus Developments, added: “Not only do LendInvest products work for developers, but the team deliver at every stage of a deal.
“By providing crucial support, and creating a partnership that I hope will grow, I am already looking to LendInvest to fund my future deals.
“The Academy in Glasgow is a perfect example of the time that LendInvest takes to educate their developers in making the right choices for their projects and their business.”