Impact Lending have completed a green loan to an experienced developer to help finalise the works of re-purposing a former public house into much needed good quality residential accommodation. The £4.1m loan with a 9-month term was issued to refinance an existing lender, and provide the required funds to finish the partially complete scheme.
The upper floors of the grade 2 listed property were previously converted and the borrower required funds to complete works in order to convert the existing ground and basement floors into 2 large apartments. By taking a flexible approach to the structure of the loan and with committed funding in place Impact Lending were able to provide terms that would allow the borrower to achieve practical completion and refinance onto a long term investment mortgage.
Impact Lending now have funding available for 1st charge Bridging and Senior lending (sustainable developments only), with loans from £500k to £5m across the product range.