Oblix Capita has completed on a permitted development (PD) bridge in Dudley, West Midlands for £980k.
The borrower has used the funds to purchase a commercial site, converting it from an office to 64 residential dwellings under PD rights.
With a development facility already in place to exit the bridge, Oblix offered the borrower a 70% LTV at a rate of 0.85% pm.
This latest completion is the second PD bridge Oblix have funded in quick succession, having recently financed a £3.36 million permitted development situated in Leicester.
The lender believes it highlights the current scope and appetite for developers to tap into the PDR opportunities that exist in the UK’s secondary towns and cities.
Andy Reid, sales director at Oblix Capital, said: “First and foremost, we are extremely pleased that we were able to deliver funding that met both borrower objectives and time pressures.
“Our expert risk team here at Oblix immediately understood the fundamentals and complexities of the deal and acted in a way that put the borrower first.
“This is just another example of the service that both brokers and borrowers have come to appreciate from us.”