Secure Trust Bank provides £4.5m bridge for Reading scheme
The 18-month facility was provided to a joint venture between Alara Investments and Elder at 50% loan-to-value (LTV).
Secure Trust Bank (STB) Business Finance provided a £4.5m land bridge loan for a co-living scheme in Reading.
The 18-month facility was provided to a joint venture between Alara Investments and Elder at 50% loan-to-value (LTV).
The funding will support the Greyfriars House project through Gateway 2 and demolition ahead of a possible sale or development finance.
The site at 20–30 Greyfriars Road has planning permission for a 266-bed scheme across 12 floors.
Charlie Hustler, co-founder at Elder, said: “Greyfriars House was an opportunity we simply couldn’t ignore. Its location in the heart of Reading, just minutes from the station, combined with the growing demand for co-living accommodation, makes it a compelling redevelopment project.
“The experience of working with STB has been seamless from the outset.
“What stood out was the ease of communication, the responsiveness of the team and the speed at which the transaction progressed.”
Hustler added: “Having a lending partner that understood the opportunity and could move quickly was incredibly valuable, and we look forward to working together again in the future.”
Mike Feasey, head of bridging at STB Business Finance, said: “Greyfriars House represents an exciting opportunity to bring a prominent town centre building back into productive use and support the growth of co-living in Reading.
“Land bridge facilities play an important role in helping developers reposition assets and prepare sites for their next stage of development.
“The professionalism of everyone involved helped the deal progress smoothly, enabling us to provide a funding solution that gives the joint venture flexibility as it evaluates the best long-term outcome for the site.”
John Griffin, commercial director at STB Business Finance, said: “Today’s borrowers need more than just funding.
“They need a trusted partner that understands their transaction and can support them through each stage of the property lifecycle.
“This deal demonstrates the value of combining specialist real estate expertise with a relationship-led approach, ensuring clients have the flexibility and support they need to progress their projects with confidence.”
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