The loan to experienced borrower Ross Harper, owner of Plutus Developments Ltd, will be used to fund the conversion of Belmont Church, which was acquired by the developer in 2017 and has planning permission in place.
Once completed, the historic site will comprise 21 one-, two- and three-bed flats and three two-bed mews houses with small private gardens.
The new homes will be marketed to young professionals and the total GDV is forecast to be just under £8.5m, with completion expected in late October 2018.
“The potential for development in Glasgow is huge, and projects such as Belmont are a key example of where developers can bring old or disused properties back into circulation in ways that add social and economic value to their local areas,” said Steve Larkin, director of development at LendInvest.
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Ross added: “Not only do LendInvest products work for developers, but the team [delivers] at every stage of a deal.
“By providing crucial support, and creating a partnership that I hope will grow, I am already looking to LendInvest to fund my future deals.”
The project coincided with the second Scottish LendInvest Property Development Academy, which was hosted in Glasgow.
“The untapped potential in the area is why initiatives such as our Property Development Academy are so important,” added Steve.
“Ensuring local developers are armed with [the] right tools to get started with their projects is essential to helping add new homes to Scotland’s housing stock.”