We recently completed a £550k refurbishment loan for a borrower who plans to convert an old Barclays Bank building into six flats and one commercial unit. The borrower already owns the building, which is located in Rushden, and has obtained planning permission for the conversion, as well as approval for additional external windows and doors. They are also in the process of seeking approval for a seventh flat and will include that in their plans if consent is granted.

Work has commenced on-site, and our loan will be provided as a Day One drawdown to cover the remaining costs of the project. Upon practical completion, the borrower plans to exit the loan through refinancing.