Bridging Finance Solutions has completed another property development finance deal, this time supporting the transformation of a historic former Sunday School site in Cornwall.
The site in Launceston, which is located on what has been described as “Cornwall’s finest Georgian Street”, was acquired by an experienced international property developer who specialises in heritage and Listed buildings.
A total of £522,000 development funding has been provided by BFS to support the renovation costs.
The Sunday School is a Listed building – under the plans, the frontage of the building, designed by Otho Peter, is to be retained and incorporated within the design. Six new homes will be created including two three-bedroom houses and four two-bedroom houses.
Keith Litherland of Bridging Finance Solutions commented: “This is a really interesting development based around a historic site in one of Britain’s oldest towns. The site sits in a fantastic central location, however, the nature, age and location of the site meant that a thoughtful and well-considered approach to planning was imperative.
“The client has secured planning for amended designs and we were able to lend a considerable sum against the value of the plot, enabling the client to commence works. We are at the very early stages of the project and look forward to working together throughout the duration of this ambitious scheme.”