£13.6m Development Finance Loan03 November 2017
The transaction was for the purchase of an office block, with consent to be converted into 74 residential units. In addition, an application was submitted to add further units in the roof space.
Shawbrook agreed a dual facility, with the first tranche based on the current consent, and further funds to be drawn on receipt of the revised consent. In addition, Shawbrook agreed a loan to meet the related VAT bill.
The funding was completed in just 6 weeks from application.
"Michael's return to the finance industry is both exciting and welcomed. Having successfully partnered with him and his team over many years in the past, I am confident that Black Book Finance will continue to go from strength to strength. We are delighted with this latest completion, and even more so to welcome Black Book as a Shawbrook partner"
Stephen Johnson, Deputy CEO & Managing Director, Shawbrook Property Division