LendInvest Mortgages (LSE: LINV), one of the UK’s asset managers for property finance, has announced the funding of a development loan for a residential project in the Welsh town of Caerleon.
The £10,975,000 loan will be used to “transform a former college building and two smaller lodges into 48 high-quality private apartments.”
The project is being undertaken by Acorn Property Group, a key repeat borrower for LendInvest with “a strong track record of successful developments.”
The loan package comprises a “land loan and a construction loan to facilitate the conversion.”
The development will see the “conversion and refurbishment of three Grade II listed buildings, including the former college, a principal’s house and a caretaker’s lodge.”
The final scheme will deliver 44 apartments “within the main college building and four additional units in the smaller lodges.”
The college building served as the setting for the UK Netflix drama “Sex Education.”
Steve Larkin, Managing Director for Development at LendInvest, said:
“This development is a prime example of urban regeneration, breathing new life into a building and creating housing in a fantastic location. We are pleased to be continuing our partnership with Acorn Property Group and we’re looking forward to seeing the progress on this project. Our relationship with Acorn underscores our commitment to supporting developers who deliver housing opportunities across the UK.”
As covered, LendInvest is the UK’s platform for property finance.
LendInvest offers “short-term, development and buy-to-let mortgages to intermediaries, landlords and developers.”
Its technology and user experience are designed to “make it simpler for both borrowers and investors to access property finance.”
LendInvest has lent over “£3bn of short term, development and buy to let mortgages.”
Its funders and investors include global institutions “such as HSBC, Citigroup and NAB, and, in 2019, it was the first Fintech to securitise a portfolio of BTL mortgages.”
The company has reported annual profitable growth since 2015.