The finance will be used to convert a large commercial unit into 248 apartments in south east Birmingham.
The development is situated close to shops, amenities and multiple train stations, which Lendhub believed made it an attractive investment prospect.
The total facility is in excess of £35m and has been co-funded by two other lenders.
Outside shot of the south east Birmingham development
Christopher Adamou, managing director at Lendhub (pictured above), commented: “Following the completion of our second mezzanine facility this year, we are now pleased to officially offer the product to our brokers and look forward to this opening the doors to work with more quality developers.”
The mezzanine product will offer loans of up to £5m, with rolled interest of up to 85% LTV and a loan term of up to 24 months.
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This news follows the company’s recent announcement of collaborating with Aldermore and Proseed Capital on a £34m development deal in Canary Wharf, to transform a commercial property into 99 micro apartments and nine new-build units, with a GDV of £55m.
The facility was majority funded by Aldermore, which provided £29.6m, making this its biggest property development deal to date.
In November, Lendhub released a new online system set to radically improve the lending process.
myLendhub removes the need to re-key information on applications by pre-filling form fields from the enquiry stage.
Users will also be able to view and accepts DIPs, HOTs and email documentation directly to clients for digital signature.