Fiduciam lends £3.62m for Neward-on-Trent conversion scheme

Fiduciam has completed a £3.62m loan to help a client with the acquisition and development costs of a conversion scheme in Newark-on-Trent.

The development project will see the transformation of a Victorian mill into 39 flats.

The 69% LTGDV facility was provided at 0.65% per month over a 30-month loan term, and was completed within two weeks of planning permission being granted.

Anastasia Sachinidou, case manager at Fiduciam, said: “Fiduciam was delighted to provide an emerging developer with a flexible hybrid acquisition-development facility to convert a historic commercial property into much needed new homes.”

Marc Morris, underwriter at Fiduciam, added: “Emerging developers need tailored cost-effective facilities that meet their unique project and cashflow requirements, while conforming to any timing constraints.  

“We structured the facility to provide this Midlands-based developer with funds towards the purchase, as well as the works, and thus eliminated the need for a costly separate acquisition loan.  

“Other recent cases have integrated a reduced rate development exit phase once practical completion has been achieved.”

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