Asset purchase, Birmingham
The borrower is purchasing a block of 24 self-contained flats to add to their growing portfolio.
The borrower is purchasing a block of 24 self-contained flats with associated parking to add to their growing portfolio.
Amount Funded:
£2m
PRoduct type:
Residential Bridging
Term:
12 months
property:
Block of 24 flats
exit:
Refinance
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The borrower is a strong and experienced property professional who is purchasing another asset to add to their portfolio. They have experience in not only selling individual flats, but also building apartment blocks from the ground up. The block of flats is located in the Jewellery Quarter with artisan shops, cafes and cultural attractions.
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Amount funded
£1.6m
PRoduct type:
Commercial Bridging
term
7 months
property:
Commercial office
exit:
Refinance
Commercial Bridging
The funding supported the acquisition of a strategically located semi-commercial asset in Birmingham, giving the borrower the flexibility and speed required to purchase the property prior to setting up development finance to undertake the proposed conversion works. The borrower plans to transform a former office building into a high-quality residential block of flats comprising 75 apartments, including 42 x 1-bedroom and 33 x 2-bedroom units. Full planning permission has already been obtained before completion, enabling the borrower to move forward with the next phase of the project.
