This is to convert a Stafford office into resi departments.
Property investment platform BLEND Network has completed a £2.3m loan to finance the acquisition and redevelopment of a Stafford office building into residential departments.
The initial tranche of the total loan facility extended by BLEND Network is a £900,000 loan to refinance the property and fund the initial redevelopment works.
This is its largest deal to date.
Roxana Mohammadian–Molina, chief strategy officer at BLEND Network, said: “We are very pleased to have funded five projects across the Midlands, helping to develop much needed accessible housing in the region.
“We encourage other property developers to contact us as we are keen to fund further projects as our platform lenders have shown a significant appetite to fund such developments.
“Housebuilding throughout the UK is failing to keep pace with population growth in the country’s fastest growing towns, with the lack of accessible housing causing the greatest concern and we are keen to play a strong role in addressing this nationwide issue.”
Over the past four months, BLEND Network has completed funding for four other loans to redevelop existing properties into low-cost housing across the Midlands.
