The funding will be used to transform a vacant mixed-use building in the city centre, representing a 62.82% LTGDV over an 18-month term.
The developer client will convert the six-storey office and retail building into 43 residential apartments with three basement-level commercial units.
This facility’s funding structure includes a 12-month build period followed by a six-month sales window.
Overall, the asset has a GDV of £9.2m.
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“We’re delighted to support the transformation of this city centre asset and help the client realise its full potential,” said Guy Murray, co-head of short-term finance at West One (pictured above).
“Our funding structure aligns perfectly with their build and exit strategy, and we’ve already discussed potential next-stage funding solutions once the redevelopment is completed, ensuring a seamless transition beyond the initial facility.”
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