Office conversion to 23 Apartments & Retail space in Aberdeen, Scotland

Deal Structure

72% Loan To GDV.

£2.5m Loan.

100% of Development Costs funded.

Refinance of existing bridge debt.

Deal Summary

One of our existing clients, a property developer with a keen eye for a good deal, had purchased an old office block in the heart of Aberdeen. The plan was to transform this once-bustling hub of commerce into a modern, stylish apartment complex with 23 units, catering to the growing demand for urban living.

The task at hand was not an easy one. The client needed substantial funding to bring their vision to life, and they knew that any lenders might shy away from such a project, given the number of units. That’s where Positive Commercial Finance stepped in, armed with their expertise and determination to find the perfect funding solution.

We scoured the market, leveraging our extensive network of lenders to find the best possible deal for their client. Time was of the essence, as the client was eager to start the renovation process imminently.

After a thorough market search, we identified a lender who was not only willing to provide the necessary funding but also offered competitive terms that would allow the client to proceed with confidence. The loan was secured, and the client was thrilled with the outcome.

The majority of the apartments were pre-sold before loan completion and 3 of the 4 retail units have been pre-let. The contractor is already on site and the new owners & tenants are likely to start moving in within 12 months.