The 18-month facility agreed at 47% LTGDV will be used to convert a former student halls of residence close to Aberystwyth University into 30 self-contained flats.
A number of sea view-facing flats will feature balconies, for which the client received planning permission.
- High-street lenders slammed for not having the systems to understand and evaluate modular construction risks
- Blackfinch provides £1.9m development loan for Norwich residential scheme
- Blackfinch lends £4.1m for Manchester pub conversion
Ian Ford, investment manager at Blackfinch Property (pictured above), said: “We welcomed the opportunity to assist a new client with the development of a great scheme, which will mean 30 more homes available to the people of Aberystwyth.
“This deal was our first lending facility completed in Wales, which means Blackfinch Property has now issued loans across all corners of the UK.
“The site itself offers scope for future development, and we look forward to working with the borrower as the schemes pass through planning.”