The facility is the specialist property lender’s largest Scottish deal to date and was provided on a six-month term at 65% LTV.
Following the acquisition, the borrower will look to fund the construction using development finance, which will see the site transformed into contemporary student accommodation.
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“Since expanding into Scotland in early 2017, the market has seen an upward trajectory despite the issues plaguing the wider UK market,” said Andy Reid, sales director at Oblix Capital.
“We have been working hard to ensure that our products are in line with our clients’ needs and we are excited that the Oblix brand and presence in the Scottish market is gaining momentum, given the demand we are seeing in this region.”