CrowdProperty is backing the £16 million development of a former Hallmark Card manufacturing facility that will be transformed into 137 apartments.
According to the investment platform, CrowdProperty has agreed to a total development finance facility of £9,250,000 over an 18-month term.
The developer is said to have already sold the first phase of development on site, which saw the conversion of the main building into 140 units. The facility provided by CrowdProperty covers the continuing build-out of the site, including the ground-up development of residential units and conversion of an existing building to provide high-quality amenity space.
CrowdProperty states that this is one of over 30 new development finance facilities that it has funded since the start of 2023, totaling £85 million. CrowdProperty reports that it has now funded approximately 400 residential property development projects worth almost £700 million, representing more than 3,000 homes.
Andrew Hall, Property Director at CrowdProperty, says that in times of economic difficulty, they are delighted to be able to support development projects such as this.
“Our diverse sources of capital enable us to offer greater reliability of funding to SME developers and we look forward to helping even more property professionals achieve their development goals.”
“Completing a transaction of this size with such an experienced developer demonstrates the fast-growing confidence in our brand, people and multi-institutional funding,” added Andreas Yianni, of CrowdProperty’s Business Development team.
All loans are secured by a registered legal charge against property in the UK.
