Development finance lender Atelier has completed a £7m development loan, structured at 70% LTGDV, to fund the conversion of curtilage listed buildings into six dwellings, coupled with the construction of four new dwellings.
The loan completion comes two years after Atelier’s provision of a bridging loan to part-fund the purchase of the sites for development, demonstrating the specialist lender’s continued commitment to supporting developers through the full development life cycle.
Bridging-to-development loan structures are very effective in enabling developers to secure high-quality sites. A bridge facility enables fast acquisition, followed by a tailored development loan once conditions are in place.
The new homes will comprise a mix of properties in an attractive rural setting within the High Weald Area of Outstanding Natural Beauty.
Paul Hayward, credit director at Atelier, said: “It has been a pleasure working with our client over the past two years – initially to provide a bridging facility that enabled the site acquisition and now to provide development finance for this high-calibre scheme.
“With curtilage listed buildings and new-build homes across two sites, the project presents a range of technical and planning complexities.
“We’ve worked closely with the borrower to structure a funding facility that addresses those challenges, and we look forward to seeing the finished development in this sought-after and popular location.”
