The funding will be used to transform the building in Crosby, creating seven self-contained units across one, two and four-bedroom configurations.

This facility has also assisted the borrower in refinancing an existing loan, allowing the project to progress with both security and momentum.

“We’re proud to have played a part in bringing this redevelopment to life, helping to repurpose an underutilised property into much-needed homes,” said Jake Hiskett, relationship director at Assetz Capital who led the deal.

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“This project underlines our expertise in residential refurbishment and our ability to tailor funding solutions for even the most intricate developments.”

Andrew Fraser, CCO at Assetz, added: “We’ve now funded the development of close to 2,000 homes across the North West and remain committed to supporting the region’s housing needs.

“By leveraging the expertise of our wider team — from credit to case managers — we’re able to facilitate complex, high-impact residential projects like this one.”