Planning is in place to convert the property — which was purchased at auction for £290,000 by the client — into seven residential dwellings consisting of five terraced townhouses, two apartments and workspace.
The client approached broker Phil Mabb at Bridgedevelopment Property Finance to help source funding.
BFS worked closely with the client and the broker and undertook a series of site visits and client meetings to get an understanding of the build, transaction structure and associated costs.
A financial plan was devised and after a period of due diligence, funding to cover the development cost was confirmed.
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“Having worked with these guys and some of their partners in the past, [I] knew that they had the skills and drive to complete the project,” said Phil.
“However, their equity in the scheme dramatically outweighed the funds needed to build out.”
Rachel Davies, head of underwriting at BFS, added: “Development finance is a particularly strong area for us — our team has a huge level of understanding around this part of the building industry and the complexities surrounding it.
“We recognise the potential of the project and look forward to working with the client throughout the remainder of the programme and seeing this building transformed into a series of wonderful new homes.”