The 11-month term facility will be used to transform the property into 18 one-bedroom apartments across three storeys.
The development plans will improve the EPC rating of the building and will prioritise bike use to limit the environmental impact of the scheme.
In addition, several local tradespeople will be employed on-site during the build to support the local community.
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Philip Downie, investment manager at Blackfinch Property (pictured above), said: “We are very happy to have completed on the development financing for this project, which will restore this beautiful red brick building in the centre of Wigan to its former glory.
“We are particularly pleased this development will bring much-needed jobs to this area, and that the developer will be working closely with them to ensure the building has a minimal environmental impact.
“We were delighted to be able to offer development lending for this project, and look forward to supporting the client with this development.”