Together has provided a £787,500 short-term loan to support a regeneration project on Broad Street in Birmingham.
Having previously worked with Together, property developers Soller Group approached the short-term finance provider and managed to complete the acquisition at below market value.
The buyers intend to request planning permission to turn the building into serviced apartments.
Mark Finucane, Together’s regional development director for the Midlands, said: “This is a great example of where specialist lenders like ourselves come into play. We can often step in when the mainstream banks aren’t able to assist, particularly when a case is more complex or requires a quick completion.
“We apply our common sense approach and look at the bigger picture and we’re delighted that we were able to play a part in this exciting development.”
A spokesperson for Soller Group added: “In cases like this, speed and service are key as there is often fierce competition over these kinds of commercial properties that have huge potential for redevelopment.
“We’re now in a position to press ahead with our exciting plans to turn this building into serviced apartments which we believe will be a great asset to the area.”
