Short-term lender Inspired Lending has provided a £400,000 funding facility to support the refurbishment of a vacant commercial property on a high street in Devon.

The borrower had secured a new tenancy agreement with a prominent national convenience store operator. To meet the terms of the lease, the property required substantial refurbishment works, amounting to £400,000.

Inspired Lending structured the funding to be delivered in tranches, facilitating the phased completion of the project.

The loan, secured by way of a first charge over the commercial building, allows the borrower to carry out essential refurbishment works ahead of the lease’s completion. Once the tenant is in place, the loan will be repaid through term refinancing.

Gavin Diamond (pictured), CEO of Inspired Lending, said: “There were several elements to navigate in this deal, but it was evident from the start that the borrower was an experienced property professional with a clear and well-structured vision for the project.

“This has already been validated post-completion, as the asset’s transformation has progressed in line with their plans, demonstrating their expertise and commitment to achieving their goal in the minimum time possible.

“This project showcases our ability to provide flexible, structured funding solutions for borrowers with a clear vision for unlocking the potential of commercial property. By funding the refurbishment in tranches, we have tailored our support to match the borrower’s requirements for the project.”