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Location - Warrington, Cheshire
Loan Type - Development
Loan Amount - £2.13M
An experienced developer used our development finance loan to fund the re-development of a care home into flats in Cheshire.
A two-storey building dating from the Victorian era and most recently prior to conversion was used as a care home. The site extended to 0.162 hectares (0.401 acres). Planning permission was granted for the development of 14 Supported Living apartment units in May 2019. A development loan of more than £2.13m was required to fund the conversion of the former care home in Warrington, Cheshire
Prior to the re-development of the property, the developer had already agreed on a sale to a local social housing provider and this, combined with the developer’s experience, gave us the confidence we needed to extend the leverage we were able to offer.
In total, the deal took three months to complete, but this period included the time taken for the developer to exchange contracts with the end buyer, ensuring a guaranteed exit once the scheme had been completed.
