Property development company, Valore Capital Partners has secured a funding package of £2.9m to convert a period Victorian house in Wimbledon into eight new apartments.
The facility, provided by specialist bank Aldermore, will be used to transform and extend the property with a basement conversion and a rear extension.
The conversion is being carried out by Valore’s construction partners, PVAD Ltd, and is due to complete by the end of 2018. The finance structure consists of an initial advance of almost £1.5m, with further funds for development, the final amount will be almost £2.9m.
Ben Nicholas, project manager at Valore Partners said: “We had to refinance an existing bridging loan and chose to work with Aldermore because of their reputation for professionalism.
“Throughout the process we have been extremely impressed with the Bank’s ability to get to know our team, our business and our requirements.
“The Aldermore team has worked closely with us to create a bespoke finance facility, which will help us successfully deliver our ambitious 2018 plans and add to the high-end accommodation in Wimbledon.”
Simon Knowles, head of property development at Aldermore said: “We take pride in understanding our clients, their ambitions, and ultimately how we can work together to make a project become a reality.
“Valore Capital is a fantastic company that is dedicated to delivering new and high-quality luxury housing, and we’re proud that we can be a part of their vision.”