LendInvest funds £2.584 million development in Lincolnshire

By

steve larkin

LendInvest Capital (LSE: LINV), one of the UK’s leading asset managers for property finance, has announced funding for a scheme in the coastal town of Cleethorpes in Lincolnshire.

The £2.584 million facility will be used to convert a former primary school and nursery into 19 new homes – 17 mews houses and 2 bungalows.

The plans for the project also include 31 parking spaces, a bin store, and a communal bike store located in the centre of the site, amongst landscaped communal gardens.

The developer, an established SME with a track record of successful projects across England, is a new borrower to LendInvest.

LendInvest structured the facility at 65% LTGDV over a 22-month term.

Dan Lohn, Relationship Manager at LendInvest, said:

“This project is a great example of a developer with a vision, building for the future without erasing the past. By reimaging a part of a community’s history, we’re proving that an adaptive reuse of existing structures is the fastest path to building new homes.

I’m thrilled to have supported this SME developer, and I look forward to seeing the project progress over the next few months.”

Steve Larkin, Managing Director for Development at LendInvest, said:

“The whole team is pleased to facilitate this project in Cleethorpes. It is a fantastic example of a building with community ties taking on a new lease of life while providing modern homes.

At LendInvest, we recognise the importance of SME developers, and with our latest funding line with AB CarVal and HSBC, we’re able to fund more ambitious projects like this one across England, Scotland and Wales.“

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