LendInvest Mortgages has completed a £3.51 million development finance facility to support the conversion of a former NHS site in Bromley into 16 flats.
The vacant building will be redeveloped into a residential scheme, bringing an underused site back into use and adding new housing stock in the area.
LendInvest said the facility was completed in 6.5 weeks from initial application, allowing the borrower to meet a strict completion deadline set by the NHS.
The deal was structured at 65% loan to gross development value over an 18-month term, with the developer planning to exit by selling the units individually.
It is the second development loan LendInvest has provided to the same developer.
Steve Larkin, managing director for development at LendInvest, says: “At LendInvest, we pride ourselves on our ability to meet the ambitious timelines of our borrowers.
“Given the tight deadlines imposed by the NHS, getting this deal completed in 6.5 weeks truly is a testament to the team’s agility and the strength of our relationship with the developer.
“Converting vacant spaces into high-quality homes is a vital part of tackling the UK’s housing shortage. We’re thrilled to work with this developer again, and the team and I stand ready to provide the technical expertise and funding certainty that SME developers in England, Scotland and Wales need to thrive.”
