Old Shire Hall Developments Ltd will use the funding to turn the Old Shire Hall Magistrates building into six premium apartments, four of which have already been sold.

The facility is provided at 58% LTV with a 21-month term, as the projected required preparatory structural work due to the building’s listed nature.

“It’s always a pleasure partnering with the team at STB,” said Austin Cornish, director at Old Shire Hall Developments Ltd.

•   The Finance Professional Show 2024: The Video
•   STB funds Surrey scheme with £3.96m
•   STB lending hits £1.45bn

“They offer a wealth of expertise in residential property finance, understand the potential challenges of redeveloping listed buildings and always personalise their services to our needs.”

In 2023, STB provided a £2m development loan to Larkvale Homes, an entity with the same management and ownership of Old Shire Hall Developments Ltd, to develop nine homes in Cockfield, Suffolk.

This latest deal was led by John O’Leary, senior relationship director at STB Real Estate Finance, who added: “We’re pleased to have once again worked with Austin and played a role in bringing another collection of premium properties to market, and rejuvenating this impressive, listed property.

“We look forward to working with Larkvale Homes in the future.