LendInvest Mortgages has closed a £3.51m development finance facility to transform a vacant building in Bromley into a new residential community.
The project, which is located at a former NHS site, will see the existing structure converted into 16 flats.
LendInvest structured the deal at 65% LTGDV over an 18-month term with a planned exit of selling the units individually. The facility is the second development loan LendInvest has provided to the unnamed developer.
Steve Larkin (pictured), managing director for development at LendInvest, said: “At LendInvest, we pride ourselves on our ability to meet the ambitious timelines of our borrowers. Given the tight deadlines imposed by the NHS, getting this deal completed in 6.5 weeks truly is a testament to the team’s agility and the strength of our relationship with the developer.
“Converting vacant spaces into high quality homes is a vital part of tackling the UK’s housing shortage. We’re thrilled to work with this developer again, and the team and I stand ready to provide the technical expertise and funding certainty that SME developers in England, Scotland and Wales need to thrive.”
