Specialist property lender Lendhub has provided a 2.1 million pound development facility for a residential project in Addlestone in the county of Surrey. The scheme comprises a total of 15 residential units and combines the refurbishment of an existing apartment block with a structural extension.
The structured loan facility has a term of 18 months. The funds provided cover both the acquisition of the property and the comprehensive refurbishment of the twelve existing flats. In addition, the loan finances the construction of three additional residential units delivered via a rear extension.
Combination of asset upgrading and densification
The project focuses on the preservation and upgrading of existing building fabric alongside targeted densification. The twelve existing flats will undergo thorough modernisation to bring them in line with current standards. The rear extension enables the efficient expansion of housing provision on the site.
- —Funding volume: 2.1 million pounds by Lendhub
- —Loan term: 18-month facility for acquisition and construction phase
- —Project structure: Refurbishment of 12 existing flats and new construction of 3 units
- —Location: Addlestone in the county of Surrey
Financing solutions for residential construction
The Addlestone location in Surrey benefits from steady demand for modern living space within the wider catchment area of the capital. Schemes that combine refurbishment works with selective new build offer developers a practical means of making better structural use of existing plots.
Facilities with an 18-month term give developers the required operational flexibility to align acquisition and construction delivery reliably. With this commitment in Surrey, Lendhub confirms its focus on mid-sized residential projects and existing asset developments in the UK market.
