Blackfinch Property has provided a loan to the developer of a property based in Wigston, Leicestershire.
The building is a factory in a derelict state and in need of refurbishment. The loan will be used to fund part of the original investment by the shareholders when they purchased the property, as well as to convert the factory into residential dwellings.
The building will be converted into a modern 27-unit residential development, comprising 1 and 2-bedroom apartments. The loan will assist in regenerating both the site and the surrounding Wigston area, contributing to the local economy as well as giving first-time buyers the opportunity to get on the property ladder.
The development project is set within a conservation area. It is also an easy walk to Wigston train station, which provides direct trains to Leicester, Birmingham International and Birmingham New Street stations.
There were a number of complex issues relating to the configuration of the land with adjacent plots, one of which was unregistered land. These required thorough due diligence and interaction with key stakeholders to resolve and facilitate the uninterrupted progress of the development. Blackfinch Property worked closely with multiple parties to cover all these issues and ensure smooth and timely completion of the deal.
This is the first of three loans across the East Midlands and South that we are looking to provide to this borrower. It forms part of our continued expansion across the UK as we support ambitious developers.
Blackfinch Property is a fully funded provider of innovative short-term bridging and development financing solutions. For more information email [email protected]