"We're ready to take on bigger, more complex projects across the UK and demonstrate the scale, flexibility and depth of support that sets us apart as a lender."
- Guy Murray - West One Loans
West One Loans has provided a £5.78m development finance facility to support the conversion of a vacant mixed-use building in Sheffield city centre, with a gross development value of £9.2m.
The 18-month facility, structured at 62.82% LTGDV, will fund the transformation of a six-storey office and retail building into 43 residential apartments and three basement-level commercial units. The borrower is an experienced developer with a track record in similar schemes.
The funding is split into a 12-month build period followed by a six-month sales window, designed to support a build-and-exit strategy while accommodating off-plan sales activity during construction. Once complete, the scheme is expected to deliver a prominent but long-underused city centre site back into productive use, adding homes and flexible commercial space to Sheffield's urban core.
"We're delighted to support the transformation of this city centre asset and help the client realise its full potential," said Guy Murray, co-head of short-term finance at West One (pictured).
"Our funding structure aligns perfectly with their build and exit strategy, and we've already discussed potential next-stage funding solutions once the redevelopment is completed, ensuring a seamless transition beyond the initial facility."
Murray added: "West One is firmly focused on delivering excellence in the booming residential-led development space. We're ready to take on bigger, more complex projects across the UK and demonstrate the scale, flexibility and depth of support that sets us apart as a lender."
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