Oblix Capital has completed a £3.39m permitted development bridge in 10 days.
The six month loan was used to purchase a vacant office building situated in Surrey, with a view to converting it into 45 residential units.
With the office located in a prime area coupled with good transport links into London, the borrower needed a lender to move quickly as it was highly in demand.
Andy Reid, sales director at Oblix Capital, said: “This latest completion demonstrates the current demand for Oblix’s ‘development wraps’, which encapsulate both the bridge and development finance.
“It further indicates the current scope and opportunities available to developers when identifying suitable PDR sites.”
“It’s a perfect example where short-term, specialist funding can really come into its own. Supporting our borrower’s growth ambitions through our expertise, high-quality customer service and flexible product portfolio is at the very heart of what we do here at Oblix.
“The swift turnaround time is testament to the great working relationship we have with the borrower who presented the case in a highly transparent and professional manner. Gaining momentum with our existing clients is the bedrock to our business and we’re proud to assist with their on-going projects.”