Blackfinch Property completes its first loan in Wales with £1.8m development loan
New 18-month loan facility will be used to develop 30 self-contained flats in central Aberystwyth
Blackfinch Property has completed a £1.8m development loan that will be used to convert a former student halls of residence into 30 self-contained flats. The development is located on a site close to Aberystwyth University that fell into disrepair and has been derelict for over two years. Across the development, planning has been obtained to allow the fitting of balconies to a number of sea-view facing flats.
Ian Ford, Investment Manager at Blackfinch Property, said: “We welcomed the opportunity to assist a new client with the development of a great scheme, which will mean 30 more homes available to the people of Aberystwyth. Also, this deal was our first lending facility completed in Wales which means Blackfinch Property has now issued loans across all corners of the United Kingdom. The site itself offers scope for future development, and we look forward to working with the borrower as the schemes pass through planning.”
Blackfinch Property is a fully funded provider of innovative short-term bridging and development financing solutions. For more information, email [email protected]