The Property Finance team at Approved Finance recently facilitated a significant funding solution for the transformation of a commercial property into a prestigious residential development.
The project includes the conversion of the existing building into 90 luxury apartments and the construction of four additional blocks comprising 48 further luxury apartments. This scheme, with a Gross Development Value (GDV) of £28.5 million, highlights the client's dedication and vision in creating high-quality housing.
To bring this project to life, our team successfully secured £17.8 million in development finance through Pluto Finance. This bespoke funding solution demonstrates our ability to align the right lending partner with our client's specific needs, ensuring seamless support throughout the development process.
Laurie Baugh, Head of Property, shared his thoughts on the collaboration:
"This project is a testament to the dedication and expertise of our Property Finance team. By partnering with Pluto Finance, we’ve helped our client unlock the potential of this site and deliver a landmark development.
It’s always rewarding to support clients in realising their ambitious visions for transformative projects like this."
Bertie Edwards-Hedges from Pluto Finance also commented:
“We are delighted to announce the successful completion of a £17.8m Senior Development loan in collaboration with Approved Finance.
This marks the first partnership between Pluto Finance and Approved, and the loan will help fund the development of 138 new residential units.
We are really pleased to have worked alongside Approved on this project and would like to extend our thanks for their hard work in securing this new development facility for the Developer.
We look forward to seeing this project progress in 2025 and working with Approved on further new ventures in the coming year."
Looking for Property Finance Solutions?
Whether you're in need of Commercial Mortgages, Development Finance, Bridging Loans, or Buy-to-Let options, our Property Finance team is here to help. With years of experience and a deep understanding of the property market, our specialists can find the right financial products for your needs.
Contact our team today at 01908 429888 or email us at info@approved-finance.co.uk to learn more. Alternatively, you can explore our comprehensive guide to bridging loans by clicking here.