The 60% LTGDV, 15-month term loan included a day-one net advance of 70% Loan-to-Value (LTV) towards the purchase, with additional funding for refurbishment works totalling £365,000, released in tranches.
The property is a mid-terrace former bank, spanning a ground and two upper floors and featuring a retail unit and office spaces.
The experienced property investor and developer borrower, is intending to reconfigure the ground-floor retail space and convert the upper floors into four residential flats under permitted development.
The deal was introduced by Truffle Specialist Finance.
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Luke Egan, director of bridging and development at Truffle Specialist Finance, commented: “This project had multiple layers of complexity, from the mixed-use nature of the property to the phased funding approach for the development works.
“Inspired Lending’s ability to structure a flexible solution was key in meeting the borrower’s needs to facilitate the purchase and allow the project to progress in an efficient manner.”
Gavin Diamond, CEO at Inspired Lending (pictured above), added: “This deal showcases our ability to provide tailored financial solutions for experienced developers, helping them to seize opportunities and unlock the full potential of their assets.”
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