Aldermore lends £3.7m to transform ex-council house

Aldermore lends £3.7m to transform ex-council house



Development Finance lender Aldermore has completed a £3.7m development finance loan to transform a Grade II listed building into an 18-apartment complex….


Development Finance lender Aldermore has completed a £3.7m development finance loan to transform a Grade II listed building into an 18-apartment complex.

The listed Sutton Coldfield council house in Birmingham was bought by developer Gethar Ventures from the council in July last year.

After drawing down on the loan facility four months ago with the help of broker ACDS Consultants, over 50% of the 18-apartment development has now been sold.

Ajeet Karandikar, Director at ACDS Consultants said: “The deal was fairly complex as Gethar were buying the property from the council, which meant there were certain caveats, such as the property needing to retain the historic façade.

“Aldermore was very accommodating of requests and variations that came through during the process.”  

Anthony McCourt, Director of Gethar Ventures, added: “It has become easier to get funding in the past two years but the price of the funding can be varied. Getting the right cost of money from the right sort of provider remains challenging.”

“Access to development funding still remains a challenge for many SME developers, especially outside of London and the South East,” said Simon Knowles, Head of Property Development at Aldermore.

“This has been an interesting and exciting development to be involved with and I’m glad we were able to help Anthony and Gethar Ventures to get this project off the ground.”

 



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