Grade II listed conversion rescued with £2.47m development facility

"By taking a more pragmatic view and really understanding both the asset and the borrower's experience, we were able to move quickly and structure a facility that works in practice, not just on paper"
- Michael Clifford - District & County Investments

District & County Investments (DCI) has completed a £2.47m development facility to support the refurbishment and conversion of a mixed-use scheme in Stoke Newington, London, after the project stalled when a previous lender withdrew over the building's Grade II listed status.

The 18-month facility was structured to support both delivery and exit, allowing the borrower to progress a project with sound underlying fundamentals that had been left without funding due to the complexities of listed building works and programme delivery.

Rather than applying a criteria-driven approach, DCI focused on the borrower's track record in delivering comparable refurbishment and conversion projects, alongside a detailed assessment of the asset. That process included a comprehensive review of listed building considerations, construction costs and programme, supported by monitoring surveyor input, giving DCI sufficient conviction to proceed where others had not.

The facility was structured at below 60% loan-to-gross-development-value, offering conservative leverage and strong downside protection. The primary exit strategy is refinance on completion, with the option to reduce debt through unit sales if needed. The deal was completed quickly, providing the borrower with the certainty required to move forward without further delay.

"This was a scheme where the fundamentals were clear, but it had fallen out of another lender's process due to the listed building," said Michael Clifford, commercial director at District & County Investments. "By taking a more pragmatic view and really understanding both the asset and the borrower's experience, we were able to move quickly and structure a facility that works in practice, not just on paper."

Annabel Crawshaw, director of operations at Credicus, the broker on the deal, also welcomed the outcome. "DCI were a pleasure to work with on a recent refinance of a Grade II listed asset," she said. "We were on a tight redemption deadline, and the client required funds quickly to commence their project. DCI are a proactive, solutions-driven team which ensured a seamless and efficient completion."