Project Type: An initial purchase of an unfinished Nursing Home in Spalding, Lincolnshire. Planning was then achieved to convert and extend into 9 apartments and 3 coach houses.
Developer Funding: The client was supported by FBSE with a loan of 50% of the purchase price to acquire the Nursing Home and 100% of the Build Costs to develop the site.
Summary: The developer was experienced in the location and used the opportunity to acquire a vacant unfinished building at an advantageous price. All the units have now been completed and sold. Wayne Delahoy commented “ FBSE were very commercial and due to their strong understanding of property development and planning were prepared to support this project when no other lenders showed any appetite for this project.”