Blackfinch Property completes £600k residential development loan
Financing will be used to convert an office building into 18 apartments in Wigan
Blackfinch Property has completed a £600k loan, with a loan duration of 11 months, which will be used for the development of 18 one-bedroom apartments in Wigan city centre. The apartments will be built across three storeys, providing much-needed accommodation for the city.
The site of the development is a disused office building, and the development will bring a historic building back into use, thereby continuing the redevelop of Wigan’s town centre.
Several local tradespeople will be employed on-site during the build, which will then provide high quality city centre accommodation. The development plans have prioritised bike use, meaning that the environmental impact of the building will be limited. The development will also improve the Energy Performance Certificate (EPC) rating of the building.
Philip Downie, Investment Manager at Blackfinch Property, said: “We are very happy to have completed on the development financing for this project, which will restore this beautiful red brick building in the centre of Wigan to its former glory. But we are particularly pleased this development will bring much-needed jobs to this area, and that the developer will be working closely with them to ensure the building has a minimal environmental impact.
“We were delighted to be able to offer development lending to Steve Haigh for this project, and look forward to supporting him with this development.”
Blackfinch Property is a fully funded provider of innovative short-term bridging and development financing solutions. For more information, email [email protected]