Lender backs residential conversion at former Hallmark Cards base
Residential property development lender, CrowdProperty, is backing a £16m+ GDV development project, which will see 137 apartments built on a site previously used as a Hallmark Cards manufacturing facility.
CrowdProperty has agreed a total development finance facility of £9,250,000 over an 18-month term, to enable this Bradford scheme.
The developer has already delivered and successfully sold the first phase on the site which involved conversion of the main Grade II listed building into 140 units.
The facility provided by CrowdProperty covers the continuing build-out of the site, including the ground up development of residential units and conversion of an existing building to provide amenity space.
The site is to the north west of Bradford, in a predominantly residential area.
This is one of over 30 new development finance facilities which CrowdProperty has funded since the start of 2023, totalling £85m of GDV.
CrowdProperty has now funded about 400 residential property development projects worth almost £700m, supporting the building of over 3,000 homes.
Andrew Hall, property director at CrowdProperty, said: “In these times of economic uncertainty, we are pleased to be able to support high quality development projects such as this.
“Our diverse sources of capital enable us to offer greater reliability of funding to SME developers and we look forward to helping even more property professionals achieve their development goals.”
Andreas Yianni, of CrowdProperty’s Business Development team, added: “Completing a transaction of this size with such an experienced developer demonstrates the fast-growing confidence in our brand, people and multi-institutional funding.
“Having completed many such facilities in my career, I can confidently say our team at CrowdProperty is now well-established as the go-to development lender for larger facilities – adding to our well known expertise in small to medium sized transactions.”