Bridging and development lender Roma Finance has completed a £643,500 loan for the conversion of a detached former maltings and warehouse into five luxury residential units.
The deal was introduced by Positive Lending and the funds were released in stages. The customer acquired the property for £300,000 and it has a gross development value of £1.17m.
The site will ultimately comprise of four town houses and one duplex apartment with parking. The bridging loan is over a 12 month term and the exit will be the sale of the units, which will be highly sought after and will sell quickly.
Daniel Hill, divisional sales manager at Roma Finance, said: “This was a tremendous case to work on as the business plan for the property conversion into separate dwellings showed that it was a high value development with potential to be very profitable.
“We were able to make the initial stage payment straightaway after we looked at the project and met the customer and other tranches of funds will be released as the site progresses.
“With such a high value onward sale of the houses the exit for the bridge is clear as they will sell quickly in the local market.
“The customer is an experienced developer and should make a very good profit with this project.”
James Oldham, specialist lending manager at Positive Lending, added: “Thank you again to Daniel Hill and Adrian France who have both helped to facilitate a refurbishment bridge on a Malt House.
“The clients were very happy and as always communication was second to none.”