The loan has a term of 12 months and was needed quickly as the client had secured three pre-sales for the first quarter of 2021.
The development had been given planning consent for the conversion but potential asbestos contamination and legal issues such as right of way consideration needed to be resolved before it could proceed.
Hope Capital’s quantity surveyor investigated the site which led to the approval of the loan.
Jonathan Sealey, CEO of Hope Capital, said: “At times, we are presented with cases which are both complex and require a bridging loan almost immediately. As a result, we often require the support from multiple parties to ensure we can achieve the outcome the client is looking for.
“Owing to our fantastic relationship with our friends at Watts, Bespoke Property Finance Consultants and Freeths, we were able to work together to deliver the best solution to the client.”
“This is a fantastic example of how having an outstanding relationship in place with other parties, can be extremely beneficial to a borrower who needs to receive capital as soon as possible,” he added.
Chris Johnson, managing director at Bespoke Property Finance Consultants, added: “While there is no doubt it was a very difficult transaction to manage through to completion, it is a relationship with a lender like Hope Capital, which ensures we can deliver what the client wants.”