Inspired Lending has provided a £2.6m facility to support the off-market acquisition and conversion of a former commercial building in Shrewsbury.

The borrower agreed a purchase price of £2.25m for the property and pursued a planning strategy shortly after exchange. He obtained planning permission to convert the main building into one dwelling, along with three new detached executive homes in the surrounding grounds. The borrower then commenced conversion works of the main house under licence from the seller.

A net advance of £2.1m was released on day one to complete the purchase and continue with works, with a further £200k funded in tranches to complete the conversion of the main house.

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