INTELLIGENT PROPERTY FINANCE
Imperial Blue, a prominent development finance lender, extended a senior development loan of £10.56 million to support the construction of residential units in Milton Keynes. The development comprised a conversion of an office building together with an air rights development of two further floors, with an 18-month term, and practical completion within the first 12 months. The site had already been acquired, with strip out already underway.
The primary purpose of this loan was to repay an existing bridge lender and subsequently cover the construction expenses. The property in question is ideally located close to the train station in Milton Keynes, offering convenient commuting access to London with the train station a short walk away. This makes it an attractive option for commuters seeking affordable housing solutions.
Imperial Blue are principal lenders of real estate development finance. For all new enquiries please call 020 3008 2553
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The asset is currently existing offices over ground, first and second floors, that have been fully stripped out and development works commenced.
Location:
Milton Keynes is designated as a “new town” rather than a traditional city. It was planned and developed in the 1960s as a purpose-built urban area to alleviate housing congestion in London. Despite not having official city status, Milton Keynes is often referred to as a city due to its size, population, and urban infrastructure. It has a large population, extensive amenities, and functions as a significant urban centre within the United Kingdom.
Proximity to Major Cities:
Milton Keynes is located approximately 50 miles (80 km) northwest of London, making it within commutable distance for those working in the capital. It is also approximately 47 miles (76 km) southeast of Birmingham, a major city in the West Midlands.
LEADING THE FIELD
``We are very pleased to have completed this loan for one of the UK's leading PD developers. There is a tight deadline to complete the PD part of the works (c. 50% of the project) but we have confidence in their ability to deliver and due to the private nature of our funding are able to be flexible in this sort of situation. PD remains an attractive target market for Imperial Blue.``
Tom Harries – Director, Imperial Blue
IMPERIAL BLUE
Funding the finest of England's real estate developers with market leading products for market leading projects
