LendInvest Capital has announced that it has provided a £2.584m development facility for a residential conversion project in Cleethorpes, Lincolnshire.
The funding will support the transformation of a former primary school and nursery into 19 new homes, made up of 17 mews houses and two bungalows. Plans for the scheme also include:
31 parking spaces
a central communal bike store
a bin store
landscaped shared gardens across the site
The developer, an SME with a record of completed projects across England, is a new borrower to LendInvest.
LendInvest structured the facility at 65% LTGDV over a 22-month term.
The project reflects a wider push toward reusing existing buildings to deliver new housing supply while retaining links to local communities.
Dan Lohn, relationship manager at LendInvest, said, “This project is a great example of a developer with a vision, building for the future without erasing the past.” He added, “By reimaging a part of a community’s history, we’re proving that an adaptive reuse of existing structures is the fastest path to building new homes.
“I’m thrilled to have supported this SME developer, and I look forward to seeing the project progress over the next few months.”
Steve Larkin (pictured), managing director for development at LendInvest, also highlighted the importance of the scheme for the local area.
“The whole team is pleased to facilitate this project in Cleethorpes,” he said. “It is a fantastic example of a building with community ties taking on a new lease of life while providing modern homes.
“At LendInvest, we recognise the importance of SME developers, and with our latest funding line with AB CarVal and HSBC, we’re able to fund more ambitious projects like this one across England, Scotland and Wales.”
The company said the funding demonstrates continued support for smaller developers and for projects that bring underused buildings back into productive use.
