“Having worked with this developer previously, it will be great to see the offices that I have visited over the years repurposed into new homes”
– David Alcock – BLEND
Specialist development finance lender, BLEND, has announced that it has provided a senior loan facility and introduced the mezz provider to deliver a 72% LTGDV combined facility to support the conversion of an office building into 9 flats in Radstock, Somerset.
The existing office block has been the head office of the developer who built the unit nearly 30 years ago and they have subsequently relocated into newer premises.
Over the past few months, BLEND has funded a variety of residential development schemes which have required tailored funding solutions either due to the complexity of the project, equity contribution or one of the many other factors requiring a specialist lending approach.
In conjunction with supporting developers getting homes built, BLEND is also working with borrowers at both ends of the development cycle, securing buildings with planning plays on the way in and developer exits on the way out, all under one roof.
“Having worked with this developer previously, it will be great to see the offices that I have visited over the years repurposed into new homes, said David Alcock, MRICS, MD at BLEND, “We were also able to deliver an overall funding solution by assisting with the introduction of mezz. Great to work with Gurjit and his team too.”
Gurjit Basi, Associate Partner at BBA Finance, added, “It was a pleasure working with BLEND on this deal. Their professional and responsive team ensured clear communication throughout, making the funding process smooth and efficient. We successfully completed the facility within six weeks and appreciated their collaborative approach and we look forward to working together on future opportunities.”
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