Valore Capital Partners has secured a £2.9m funding package from Aldermore to convert a period Victorian house in Wimbledon into eight new apartments.
The funding from the specialist bank will enable the developer to transform and extend the property.
This will include a basement conversion and a rear extension.
The London-based property development company specialises in the design and delivery of mixed-use developments.
The conversion is set to be carried out by Valore’s construction partners PVAD Ltd and is due to be completed by the end of 2018.
The funding package provided by Aldermore consists of an initial advance of almost £1.5m, with further funds being used for the development.
Ben Nicholas, project manager at Valore Partners, said that it had to refinance an existing bridging loan and chose to work with Aldermore because of its reputation for professionalism.
“Throughout the process we have been extremely impressed with the bank’s ability to get to know our team, our business and our requirements.
“The Aldermore team has worked closely with us to create a bespoke finance facility, which will help us successfully deliver our ambitious 2018 plans and add to the high-end accommodation in Wimbledon.”
Simon Knowles, head of property development at Aldermore, added: “We take pride in understanding our clients, their ambitions, and ultimately how we can work together to make a project become a reality.
“Valore Capital is a fantastic company that is dedicated to delivering new and high-quality luxury housing, and we’re proud that we can be a part of [its] vision.”
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