The developer of an office building in Glasgow city center with planning permission for a 113-bedroom aparthotel has secured a £2.5m bridge loan from Unbranded Finance.
The loan to developer Courie Investments is secured by the building at 249 West George Street on the corner of Blythswood Square, Unbranded Finance noted.
He added that the developer was looking at options including converting the building into an aparthotel or redevelopment for continued use as an office.
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Unbranded Finance, which describes itself as a “non-bank lender” and has offices in Edinburgh and London, was set up in 2020 by experienced property investors and developers Andrew Smith and Oliver Holt.
A spokeswoman for Unbranded Finance said Courie Investments purchased the property in November.
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She added that the building, formerly owned by Carrick May Properties, had been “empty for some time” and would need a full renovation “in due course”.
Unbranded Finance said: “The 24 month loan will be used as a holding facility by the developer while it considers a number of redevelopment options for the building, including the implementation of the existing consent of the apart-hotel, or the total refitting for continued office use.”
Mr Smith said: “We used our in-depth knowledge of the local market and our in-house real estate expertise to very quickly underwrite this transaction, and it was executed without the need for an external valuation, helping to accelerate the drawdown, demonstrating our flexible approach to providing quick and easy financing solutions.
Andrew White, Director of Courie Investments, said: “Unbranded has delivered exactly what it promised. Transactions like this always have their complications – it’s always refreshing to deal with a lender who takes such a pragmatic approach with a ‘can-do’ attitude. »