Oblix Capital, the London based specialist lender has provided a £5.63m refurb bridge on a contemporary development situated in the southern market town of Newbury.
Oblix were approached directly by the developer who required funds to complete the conversion of a large commercial unit into a block of flats.
With the loan being structured on a 12-month term and priced at 0.85%pm, the developer has been left extremely satisfied with the service Oblix provided, ensuring there weren’t any hold ups to future projects.
Oblix Capital’s sales director, Andy Reid said: “At Oblix we pride ourselves on taking a common-sense approach to structuring loans which is why we can offer first-rate products that fit our client’s needs.”
He added “This is a great example of how we were able to provide a much-needed facility that traditional banks would probably not show appetite for, and be unlikely to offer funding. Credit to the team here at Oblix who unlocked the complexities around the case to provide a facility that matched the exact requirements of the developer as well as realising the full potential of the development.”