The buildings will be converted into 16 unique apartments, providing the city with much-needed accommodation for owner-occupiers rather than investors.
House Crowd Finance has agreed to lend up to £4.025m — 80% of the GDV.
The loan is set to be drawn down across different phases and cover construction costs as the development progresses.
The first tranche covering the purchase and initial construction costs was for £2.45m.
This sum was raised in just two weeks on The House Crowd’s P2P lending platform.
Heads of terms were fully agreed within two days of receiving the application, while the full due diligence and legal work took five weeks.
House Crowd Finance claimed that the transition from origination to completion of the purchase was typical of its flexibility, expertise and efficiency in processing applications.
The development was designed by architects Calderpeel.
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