Oblix Capital has finalised a £3.36 million permitted development (PD bridge) situated in Leicester.
The borrower has used the funds to purchase an office, with the site being converted into 157 residential units under PD rights.
As the borrower is already an existing client activity working with Oblix on a number of PD projects, the case progressed rapidly from application to completion.
The loan itself was agreed on a 12-month term, at an LTV of 67% and priced at 0.85%pm. With conversion of the existing offices expected to start immediately, the borrower will exit the PD bridge through a development finance facility which will see the funds finalise the build of all 157 units.
Andy Reid, Oblix Capital’s sales director said: “Oblix Capital have financed multiple ‘change-in-use’ projects over the past four years with conversions ranging from office to residential, student accommodation and semi-commercial.
“This latest completion highlights our commitment to support our borrower’s needs and ambitious growth plans by delivering finance that is quick, flexible and transparent.”