Inspired Lending funds £2.6m commercial building acquisition and conversion

The deal was introduced by Ryan Garbett, director at ERG Finance.

The borrower agreed a purchase price of £2.25m for the property and pursued a planning strategy shortly after exchange.

He obtained planning permission to convert the main building into one dwelling, along with three new detached executive homes in the surrounding grounds.

The borrower then commenced conversion works of the main house under licence from the seller.

A net advance of £2.1m was released on day one to complete the purchase and continue with works, with an additional £200,000 facility available in tranches to complete the conversion of the main house.

Gavin Diamond, CEO at Inspired Lending (pictured above), said: “This was a great example of what can be achieved when lenders and brokers share the same goal.

“By working closely with ERG Finance, we were able to take a commercial view and support a well-executed strategy that delivered significant uplift in value.

“We're proud to have supported another strong outcome for a client with a vision.”

Ryan added: “Deals of this scale and complexity only succeed when everyone pulls in the same direction.

“This deal was far from straightforward, and only possible thanks to a pragmatic lender, a valuer experienced in development and planning, and solicitors who worked tirelessly under tight timeframes.

“Inspired Lending’s ability to act quickly and decisively made a real difference, and we are pleased to have delivered such a strong result for our client.”