LendInvest has provided £2.584m in development finance to support the conversion of a former primary school and nursery in Cleethorpes, Lincolnshire, into 19 new homes.
The funding, structured at 65 per cent loan-to-gross development value (LTGDV) over a 22-month term, will enable the transformation of the disused site into 17 mews houses and two bungalows.
The scheme includes 31 parking spaces, a central bin store and a communal cycle facility set within landscaped gardens. The project is being delivered by an established SME developer with experience across England and marks its first borrowing arrangement with LendInvest.
Dan Lohn, relationship manager at LendInvest, said the project demonstrated the potential of adaptive reuse to accelerate housing delivery. “Reimagining part of a community’s history is often the fastest path to building new homes,” he said.
Steve Larkin, managing director for development at LendInvest (pictured), said the project would give a building with strong local ties “a new lease of life” while providing modern housing.
The funding forms part of LendInvest’s broader push to back SME developers across England, Scotland and Wales, supported by its recent financing lines with AB CarVal and HSBC.
Cleethorpes, a coastal town in North East Lincolnshire, has seen growing demand for smaller housing schemes as local authorities seek to repurpose underused public buildings and increase supply in established residential areas.
