The 16-month facility will support the conversion and refurbishment of the former Esperance Hospital in Eastbourne, east Sussex.  

The completed development will comprise a mixture of one-, two- and three-bedroom apartments, providing a total of 45 new homes.

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Keir Chastney, director at Viridis Finance said: “We are very pleased to have completed our first transaction since [our launch] in late 2022.  

“The company has been formed to help channel finance to SME residential developers across England and we look forward to progressing with this aim throughout 2023.”

Jerry Hinds, Director of Stonegate Homes, said of the transaction “We were delighted to complete our first loan facility with Viridis Finance, during what was a tumultuous period in the market.  

“Viridis was able to adopt both a flexible and commercial approach to the facility, in addition to delivering within a relatively tight timeline as the demanded by the transaction.”