Specialist residential property development lender CrowdProperty is supporting a £16m+ GDV development project in Bradford, which will see the construction of 137 apartments on a site which was previously used as a Hallmark Cards manufacturing facility.
CrowdProperty has agreed a total development finance facility of £9,250,000 over an 18 month term, to enable this development that involves a building with a rich history. The developer has already delivered and successfully sold the first phase of development on site which saw the conversion of the main Grade 2 listed building into 140 units. The facility provided by CrowdProperty covers the continuing build-out of the site, including the ground up development of residential units and conversion of an existing building to provide high quality amenity space.
The site is situated to the north west of Bradford, in a predominantly residential area with nearby access to a golf course, sports centre and two schools.
This is one of over 30 new development finance facilities that CrowdProperty has funded since the start of 2023, totalling £85m of GDV. CrowdProperty has now funded c.400 residential property development projects worth almost £700m, funding the building of over 3,000 homes.
Andrew Hall, property director at CrowdProperty, said: “In these times of economic uncertainty, we are delighted to be able to support high quality development projects such as this. Our diverse sources of capital enable us to offer greater reliability of funding to SME developers and we look forward to helping even more property professionals achieve their development goals.”
Andreas Yianni, of CrowdProperty’s business development team, added: “Completing a transaction of this size with such an experienced developer demonstrates the fast-growing confidence in our brand, people and multi-institutional funding.
“Having completed many such facilities in my career, I can confidently say that our team at CrowdProperty is now well-established as the go-to development lender for larger facilities – adding to our well known expertise in small to medium sized transactions.”