The specialist bridging and development finance lender teamed up with the disruptive proptech business to provide the facility to fund the purchase and renovation of a former seaside hotel – the Burlington in Sheringham, Norfolk.
The property has planning permission to be converted into 17 residential units.
The first drawdown of funds will be used to purchase the property, which consists of over 16,000 sq ft on the seafront esplanade.
Future drawdowns will see funding for demolition and construction of the substructure, which will include an undercroft car park.
Over 15 months, the rest of the development will come together to form a range of units from one- and two-bedroom flats to four-bedroom apartments.
“We're delighted to have completed a joint venture on one of Sheringham's iconic buildings and look forward to working with the lead developer in delivering the proposed scheme,” said Ben James Smith, CEO at JaeVee.
“We thank West One Loans for supporting this development project.
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“We needed a fast, responsive and flexible debt finance partner for this scheme.
“We’re building a range of residential units and different parts of the building were in different stages of the planning permission process, so we needed a lender who really understood the opportunity.
“We’re excited the development has got started and can’t wait to see the end product.”
Stephen Wasserman, managing director at West One Loans (pictured above), said that it was pleased to support the purchase and development of this site in the lovely seaside town of Sheringham.
“When we launched our development finance product, we wanted to provide a solution for, what we felt, was an underserved market of property developers looking for finance up to £7.5m.
“This project ticks all our boxes, will deliver 17 modern apartments and has a good GDV – so was a great opportunity for everyone to be involved with.”