Secure Trust Bank has launched a £100m fund to finance commercial-to-residential projects.
The alternative lender launched the Property Conversion Fund on the back of the government’s announcement to create a £1bn brownfield regeneration fund and a pledge to provide 90% acceptance quota for residential planning applications.
The £100m augments the capital in the bank’s real estate finance arm, which loaned £135m for residential conversion projects last year.
One of those projects was a conversion of offices into 54 flats in Slough, Berkshire, for Grainmarket Properties, for which Secure Trust extended £6.4m.
