The loan is secured on a 4,800 sq ft Grade II-listed property on Buckingham Street, which has planning consent to convert office space into a single residential townhouse.
The 12-month facility at 70% LTV will support the purchase of the property, while allowing the developer’s professional team to progress the detailed design and prepare for construction.
Alastair Stanley, director at Broadwood Capital, commented: “Broadwood is excited to be working with the developer and is looking forward to supporting the progression of the detailed design and pre-construction matters on this unique property.
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“It is widely expected that the PCL residential market will outperform the majority of other UK residential markets over the next five years; we will be seeking similar opportunities as part of Broadwood’s core strategy.”
A spokesperson from the developer’s team commented: “Broadwood immediately saw the value in the planning consent and the developer’s vision to create a stunning single residential property.
“The Grade II-listing and conversion of an older building poses significant challenges, which put off many lenders we approached.
“Having worked with Broadwood’s senior team in the past, I was aware of its detailed knowledge and experience in prime central London residential development.
“It quickly understood the challenges, added value to [the] business plan, and took a very pragmatic approach to ensure the funding was in place.”