Oblix Capital has provided a £5.63m refurbishment bridging loan on a contemporary development in Newbury.

The London based specialist lender was approached directly by the developer who required funds to complete the conversion of a large commercial unit into a block of flats.

The loan was structured on a 12-month term and priced at 0.85% per month.

Andy Reid, Oblix Capital’s sales director, said: “At Oblix we pride ourselves on taking a common-sense approach to structuring loans which is why we can offer first-rate products that fit our client’s needs.

“This is a great example of how we were able to provide a much-needed facility that traditional banks would probably not show appetite for, and be unlikely to offer funding.

“Credit to the team here at Oblix who unlocked the complexities around the case to provide a facility that matched the exact requirements of the developer as well as realising the full potential of the development.”