Aspen Bridging provided a £3.05m refurbishment facility to a family-owned developer for buying and redeveloping two former NatWest branches in North London.
The sites are on Holloway Road in Holloway and Finchley Road in Hampstead.
The borrowers got £2.475m up front to secure the buildings and start works straight away, with a further £575,000 available in drawdowns.
Both properties will be converted under permitted development rights into semi-commercial assets.
In total, the redevelopments will create six apartments, two shops and a basement storage unit for another business run by the family.
The developer put forward a recently completed scheme on High Road, North Finchley, valued at £2.2m, as extra security, enabling a higher day-one loan.
The combined gross development value (GDV) for all three sites is £6.7m.
Aspen completed the deal at 65% loan-to-value (LTV) on a flat rate of 0.78% over 16 months.
The exit plan is to keep all three buildings and refinance with a term lender after works are finished.
Richard Tweddell, underwriting manager at Aspen Bridging, said: “This is an established family-run business with extensive experience in the transformation of commercial units into mixed-use developments.
“They are experts in the planning process and finding ways to add value to every scheme they engage with and we are happy to support their well-executed expansion.”
