Editor's note: This brief was summarised by The Property AI Newsroom from a report by PropertyWire. Read the original article for full details.

LendInvest Funds £3.51m Conversion of Former Bromley NHS Site

LendInvest has completed a £3.51 million development finance facility for the conversion of a former NHS building in Bromley into 16 residential flats. The transaction was finalised in 6.5 weeks to meet contractual deadlines.

The project will see a vacant structure on the former NHS site transformed into residential units. The finance facility was structured at 65% loan-to-gross-development-value (LTGDV) over an 18-month term. The developer plans to exit the project through individual unit sales, though their identity has not been disclosed.

The transaction moved from initial application to completion in 6.5 weeks, which is significantly shorter than typical development finance timelines. According to PropertyWire, the accelerated schedule was driven by strict deadlines imposed by the NHS.

This is the second development loan LendInvest has provided to the same developer. LendInvest operates across England, Scotland, and Wales, focusing on SME developers who require rapid deployment of capital.

The Bromley transaction adds to ongoing activity in the property conversion sector, where developers are repurposing non-residential buildings into housing stock. Converting vacant commercial and public sector properties is a common strategy for addressing housing supply constraints. Development finance for such conversions typically requires lenders to assess both the existing structure and the viability of the end use.

The 65% LTGDV ratio indicates a moderately conservative lending position relative to the projected gross development value of the completed units. The 18-month term aligns with standard timelines for conversion projects of this scale, though actual delivery schedules can vary. LendInvest did not disclose the interest rate or specific fee structure for the facility.

Letting agents and inventory clerks may wish to note the continued trend of converting former public sector buildings into residential units, which could impact local rental markets and property management opportunities in Bromley and similar areas.