Commercial bridge to development wrap
An experienced property developer needed finance for his latest project. The client was looking to purchase a vacant four-floor commercial office building in East Midlands, with a view to tweaking the planning, to convert into an 86-bedroom student premises.
Oblix sat down with the developer, and created a wrapper product which allowed him to initially purchase the site, and later convert into a full development loan. The property was valued at £4.9m, and the borrower required a loan of £2.9m, over 18 months.