Santander Corporate Banking has provided £2.3m debt finance to finish a 50-unit development in Liverpool's university district by local entrepreneurs David Brewitt and Alan Beer.
Chatham Lodge on Myrtle Street near the University of Liverpool campus will be aimed at mature students on postgraduate courses and overseas students. As well as the accommodation there will be 4,000 sq ft of retail space at ground level. The total development cost is estimated at £3.9m.
Brewitt, founder and manager of the Hope Street Hotel, Beer, owner-director of Beers Timber & Building Supplies, have several joint ventures planned in and around Liverpool.
Beer said: "The lack of appetite amongst banks to support commercial developments has been well documented but Santander took the time to fully understand our business and the needs of this specific project before discussing the facilities they would be willing to provide."
The deal was led by Phillip Roscoe, relationship director at Santander's Merseyside Corporate Business Centre in Old Hall Street.