Summary:
- The facility was agreed for an experienced property investor and developer operating in the student accommodation sector. The borrower had acquired a former office building in Aberdeen city centre and secured planning consent to convert the property into 52 self-contained student studios.
- The deal was completed by Richard Winston, Lending Manager at Recognise Bank, and managed by Sasha Holland, Lending Operations Manager.
- The lender has said that this deal builds on the momentum following the announcement, earlier in January, of a £556k residential bridging loan to support the renovation of an investment property in central London, while also releasing capital to support the borrowers’ trading business.
Original article:
