The one-year loan at 60% LTV took four weeks to complete from enquiry.
The bridging deal will be refinanced with a development loan once PD has been obtained.
The asset — a 1960s building, formerly used as an office until its conversion in 1996 — is made up of a 12-storey converted block (including the basement level) with two lifts, an external stairwell used as a fire escape, and has 38 parking spaces.
The borrower — an experienced developer making their first venture into UK real estate — intends to renovate the property, which will include basement development, construction of balconies, adding in two extra floors, and improving the property’s appearance.
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It will comprise a mixture of five one-bedroom, 43 two-bedroom, and two three-bedroom units.
The property is a large panel system of concrete construction beneath a flat roof clad.
There were many complexities which arose and delayed the completion of the deal, such as the serving of the section 11 notice on the property.
However, Blue Shield claimed to be “not at all phased” by the hurdles.
Jonathan Hitter, general manager and CIO at Blue Shield, commented: “We are always proud to continue supporting ambitious and experienced borrowers who must operate in a complex environment, and we are delighted to help them through the difficult process of refinancing."
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