Short-term lender, Inspired Lending, has provided an £844,000 loan to facilitate the purchase and redevelopment of a vacant high street property in Bristol.

The mid-terrace former bank premises, located in a prime retail location, spans ground and two upper floors, featuring a retail unit and office spaces.

The borrower, an experienced property investor and developer, intends to reconfigure the ground-floor retail space and convert the upper floors into four residential flats under Permitted Development (PD) rights.

60% LTGDV

The case, introduced by Truffle Specialist Finance, includes a day-one net advance of 70% Loan-to-Value (LTV) towards the purchase, with additional funding for refurbishment works totalling £365,000, released in tranches. The total loan facility represents 60% Loan-to-Gross Development Value (LTGDV) with a 15-month term.

The exit strategy is to refinance with a long-term facility following the completion of the works.

“This project had multiple layers of complexity”

Luke Egan, director of bridging and development at Truffle Specialist Finance, said: “This project had multiple layers of complexity, from the mixed-use nature of the property to the phased funding approach for the development works.

“Inspired Lending’s ability to structure a flexible solution was key in meeting the borrower’s needs to facilitate the purchase and allow the project to progress in an efficient manner.”

Gavin Diamond (pictured), CEO of Inspired Lending, added: “At Inspired Lending, we pride ourselves on delivering bespoke funding solutions that cater to unique and complex property investments.

“This deal showcases our ability to provide tailored financial solutions for experienced developers, helping them to seize opportunities and unlock the full potential of their assets.”