The specialist bridging and development lender structured the loan on an 18-month term at 70% LTGDV, with construction expected to start immediately.
Andy Reid, sales director at Oblix Capital, said: “This development completion is a great example of our strategy and borrower-centric approach coming to fruition.
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“With numerous complexities surrounding the deal, both our sales and risk teams took the time out to sit down with the borrower and devise a facility that fully supports the needs and objectives of the project as a whole.”
This news follows Oblix Capital’s recent provision of a £4.06m commercial bridge to fund the purchase of a site in Edinburgh — its largest Scottish deal to date.