Borrower case study: office building conversion project

Steve Goldstraw, Chief Executive of Crosslane Residential Developments, obtained finance from LendInvest to fund a development in Nottingham. 

Steve’s story

As part of the Crosslane Group, Crosslane Residential Developments approaches all project by seeking to identify those with the most business potential.

When Steve found the property in Nottingham, it was an office building being marketed for rental. The building had a tenant in the ground floor who was due to leave, so they saw an opportunity to get hold of a vacant building that they could take forward as a full conversion under permitted development rights.

Why LendInvest?

When talking about his experience with us, he says:

‘Conversations with LendInvest really started to open up some opportunities for us.’

Crosslane was able to appraise the deal properly with a funding structure, which in turn meant they were able to get contractors on site and progress with the scheme quickly. He says while the development hasn’t been seamless and they’ve had some challenges, LendInvest has been a partner as opposed to an obstruction:

‘LendInvest has really enabled Crosslane Residential Developments to get off the ground. We’ve started with two schemes – LendInvest have funded both – and without that funding I think we would have probably failed to deliver on at least one scheme. I think the support on the second scheme has been very important because it has proved quite challenging, and I think ultimately LendInvest really helped CRDL get off the ground and turn into a credible development business.’

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