A vacant former commercial unit is being transformed into seven residential apartments in Abbey View, Hexham, thanks to a bridging loan from GB Bank.
The Middlesbrough-headquartered bank has been working with developer Allan Fenwick since he purchased the site in February and with the support of broker, Steve Toole, our bridging solution has helped to move the development on to the next stage.
The development is at a vacant commercial unit which has been dormant for a number of years. GB Bank’s heavy refurb residential bridging loan is breathing new life into the property, helping transform it into sought after residential space for the local community.
With planning permission altering over the last few months, GB Bank’s flexible approach was crucial to ensure client needs were met.
Allan Fenwick said: “I’ve been absolutely delighted to work with GB Bank this year. Not only were they a key part of being able to buy the site in February, but their team have been great to work with since and have been flexible when elements of the planning were complex.
“We’ve been focusing a lot of our attention towards the Abbey View development in the last few months so we’re really pleased that the site can now move on to the next phase which will bring more residential property to Hexham.”
Matt Gray, Head of Relationship Management at GB Bank, added: “It’s been great to see the progress at the Abbey Road site since February.
“The recent heavy refurb bridging solution is the next step for the development which will have a positive knock-on effect for the local community – and that’s what we’re all about at GB Bank. We want to make a difference, be impactful and do it in the communities who need it most, so being able to support this next phase of the development to provide residential space in the North East is fantastic.
“It’s been a really interesting development to be involved with and one which has progressed a lot since purchasing the original site in February. We’ve taken the time to get to know Allan and his business and work flexibly in our approach to meet his needs.”
Local contractors and suppliers will be used when building work on the site commences in the next few weeks.
GB Bank was granted a full banking licence in August 2022.
It is a bank with a purpose – committed to supporting property developers with financial solutions throughout their development lifecycle.
Find out more about our lending products and services by visiting https://gbbank.co.uk/introducers-and-referrals/