PMJ Capital has provided a £750,000 refurbishment loan for North West developer Friday Club Developments. The loan was provided to refinance and convert former offices on Cannon Street in Preston city centre to apartments.
The funding package comprised of a refurbishment loan over a 12-month term at circa 80% Loan to Cost, with the completed development valued at £1.25m.
The Victorian property has been converted and extended into seven individually-designed spacious one and two-bedroom apartments. Lettings are now well underway.
Tony Houlihan, from Friday Club Developments, commented: “Preston is a city on the up, with new and improved retail and leisure facilities and huge investment planned for the city; we saw this as a fantastic opportunity for a new and exclusive apartment scheme in the heart of the city.”
“This was the first scheme we have worked on with Dave and the team at PMJ and have found them to be an incredibly supportive lender. The process was straightforward and, most importantly, they delivered what they promised.”
David Rainford added: “This is a fantastic scheme to be able to support Tony and the team at Friday Club Developments on. They are an ambitious developer and we have been impressed with the high standard of finish for this new scheme.”
“We have built a great working relationship over a relatively short period of time. Since supporting Friday Club Developments with this scheme in Preston, we have assisted with the purchase of another site in Oldham and have also agreed terms on a third development.”
The development was also been shortlisted in the Cowgills North West Homebuilders Awards in the category of Conversion of the Year.