LendInvest Mortgages has provided funding for a new residential development in Wokingham.
The £3.74m loan will be used to build a three-storey building with a total of 14 units, with two of the units being allocated for affordable housing.
The client is an existing buy-to-let borrower of LendInvest and was sourced via an introduction from one of its key debt advisors.
The loan is comprised of a land loan and a construction loan to facilitate the construction of the new building.
The building site was previously the home and building merchants’ store, Jewsons, before it closed several years ago.
There are a number of buildings on the site which will need to be demolished to make way for the new development.
The final building will deliver six one-bedroom apartments and eight two-bedroom apartments.
Steve Larkin, managing director for development at LendInvest, said: “This development is a great example of transforming former commercial premises into a residential area, supplying 14 new living spaces close to Wokingham’s town centre.
“At LendInvest, we’ve always been committed to supporting SME developers, and this project underscores our commitment.
“The UK needs more high-quality housing, and we’re looking forward to seeing the potential that this new development can bring to the area.”
