The developer, who had previously undertaken a number of similar projects, purchased an existing office building. Part of the property was let under short leases and the remainder was available to convert to 92 one-bedroom studios to be let to students at Northampton University.
ABC provided a facility to refinance the short-term purchase loan and to fund the cost of construction, fees and interest. Construction was managed internally by the developer managing a series of sub contracts combined with its own direct labour.
Before construction was completed, agreements to lease had been entered into for all 92 units and the property was fully occupied by commencement of the September university term. The loan continued with ABC until it was refinanced with a long-term mortgage organised by the introducing broker.