PMJ Capital has provide a development loan for SME developer 21 Living, to convert a former Bank in Sale to ground floor basement commercial space and upper floor apartments.
The funding package comprises of a £1.1m development loan over an 18-month term with an 85% LTC, 57% LTGDV, based on an end value of £1.98m.
The redevelopment will convert this four-storey former bank in the heart of Sale into 3,000 sq. feet of ground floor commercial space, eight one- and two-bedroom apartments, a co-working space, private parking with electric vehicle charging, bike storage and a vibrant urban garden.
Luke Powell at 21 Living commented: “This latest project is the conversion of a stunning unused building into much needed accommodation in the popular village of Sale.
“All apartments have been sold off plan and we are in discussions with several operators regarding the retail space.
“We have worked with Lee and the team at PMJ on a number of projects now. We find PMJ much more flexible than other lenders, with no monitoring surveyors, we are left to it, to do what we do best!”
Director at PMJ Capital, Lee Barton added: “This fantastic scheme is an incredibly exciting project for us to fund. Working with experienced property professionals such as Luke and his team, enables us to fund projects quickly and flexibly.
“We are also working with 21 Living on an upcoming scheme in Bury and look forward to seeing their success continue.”