Blackfinch Property has provided a 54% LTV bridging loan against a valuation of c.£20m to support the continued restoration and redevelopment of Riber Castle, a Grade II listed landmark that has been a feature of the Derbyshire landscape since 1862.
Originally built by pioneering industrialist and philanthropist John Smedley, Riber Castle has undergone an extraordinary transformation from a long-neglected ruin to 26 luxurious apartments, each complemented by gardens, a bar, orangerie and state of the art gym.
Once left in disrepair for over two decades, the revival of this historic property not only safeguards its heritage but has created a unique residential community in the heart of the Derbyshire Dales. The completed apartments in Phase 1 are collectively valued at £16 million, with further development phases planned for the site, backed by Blackfinch’s funding, which also includes security over additional land valued at £3.6 million.
The project combines heritage conservation with environmental responsibility, achieving rare EPC ratings of B and C for a building of its age and Gothic Revival architectural significance.
This latest loan forms part of Blackfinch Property’s wider strategy to support developers at every stage of their projects. With several units already under offer, the redevelopment highlights how modern investment can breathe new life into historic properties while meeting contemporary housing demands. Blackfinch Property was able to provide a dedicated deal team, including an in-house legal professional, from the outset of the relationship to help overcome the specialist planning requirements of the complex project.
Philip Downie at Blackfinch Property, commented, “Riber Castle is more than just a development project. It’s a labour of love that balances historical preservation with modern living standards. We’re thrilled to partner on this exceptional venture, which has set a new benchmark for combining heritage restoration with high quality housing. The borrower’s vision and commitment have been exemplary, and we’re proud to help ensure this landmark’s success for generations to come.”
The borrower plans to reduce the overall LTV through the sale of apartments and refinance onto a Buy-to-Let loan. Blackfinch Property’s funding ensures a seamless transition to this next phase, with alternative repayment options also in place.