LendInvest, a specialist in property finance, has pulled off a major coup with the completion of a £3.51 million development finance facility for the conversion of a former NHS building in Bromley into 16 residential flats. The deal comes as the UK struggles to address its housing shortage.
The facility was structured at 65% loan-to-gross-development-value over an 18-month term, and was closed in just 6.5 weeks – a remarkably swift transaction that demonstrates LendInvest's ability to provide timely and flexible funding solutions for property developers.
The conversion of the former NHS building into residential flats will provide much-needed housing in the area, contributing to the UK's efforts to address its chronic shortage of affordable homes. It is expected to bring significant economic benefits to the local community, including new businesses and job opportunities.
The development of the site will also enhance the local environment, providing high-quality housing and amenities for residents. This is in line with the UK government's vision for sustainable and inclusive communities, which prioritises the creation of vibrant and thriving neighbourhoods.
LendInvest's development finance facility has enabled the developer to bring this project to fruition, and it is expected to have a positive impact on the local area – boosting economic growth, improving living standards, and enhancing community cohesion.