Secure Trust Bank (STB) has provided a £3m bridging facility to enable the purchase of a Dorking office block due to be developed into residential units.
The three-month loan has been supplied to Cubica Capital after initial plans to transform the vacant Glassworks office into 39 apartments were refused, threatening to derail the project at the first hurdle.
Aware of the tight turnaround required, STB delivered the product within 29 days of the first enquiry. This allowed the borrower to purchase the property while revising its planning application.
Permission has since been granted by the local authority, meaning plans to give a new lease of life to the disused office block can now proceed.
Led by Alasdair Bowers, relationship manager at STB Real Estate Finance, the original product will be converted into a residential development loan, providing Cubica Capital with the necessary funds over a longer period.
Ben Edgar, director at Cubica Capital, said: "Having worked with the Secure Trust Bank team on various projects for over five years now, we were confident in their ability to provide a near-immediate solution in the form of a bridging loan after planning permission was initially turned down.
"Their approach meant we could proceed with purchasing the Glassworks office while waiting to receive the necessary permissions, keeping the project timeline on track and avoiding any major stress."
The 39 units will be rented out following the project's completion, due in early 2027.
Alasdair said: "This deal is a fitting example of how flexible finance can be crucial in keeping real estate projects on course despite facing a few obstacles along the way. We are now looking forward to working with Ben over the coming years to see this development through to completion."
Discover more about Secure Trust Bank Real Estate Finance.