Signature Property Finance has completed a heavy refurbishment bridging facility to enable the conversion of a large seafront apartment into three high-quality flats in Morecambe Bay.
The deal was introduced by David Farrell of Quest Finance Ltd, who played an instrumental role in structuring the opportunity and guiding it through to completion.
The property is located close to the site of the proposed Eden Project North, a landmark £80m regeneration scheme due to be completed in 2028. This prime location represents a significant opportunity for redevelopment in a market that’s seeing renewed interest from investors, homeowners, and holiday let operators.
From opportunity to action
The developer, a local architect, saw the opportunity to create three separate flats and worked closely with the sellers to secure planning approval ahead of the purchase. Signature provided a gross loan of £322k on a 12-month term, supporting the purchase and refurbishment.
The loan included a substantial day-one release to support the purchase, with the remaining funds drawn in tranches against QS certification as work progresses, representing 100% of the refurbishment costs. Signature will also appoint an experienced quantity surveyor to monitor the build throughout.
High-quality design in a high-potential location
Once complete, the development will comprise two 2-bedroom flats (one with a private terrace) and one 1-bedroom flat, all designed to high architectural standards and tailored to the growing demand for modern coastal living.
The flats benefit from a seafront position, garage parking, and easy access to local amenities, transport links, and leisure opportunities. With planning permission secured and the design led by a Chartered Architect, the scheme is expected to appeal to both residential buyers and investors, particularly in light of Morecambe’s planned transformation through Eden Project North.
Built-in exit flexibility
The developer’s primary exit strategy is the sale of the completed flats on the open market. However, there is also the potential to refinance the properties onto either a Buy-to-Let or Holiday-Let mortgage, with affordability metrics and rental yields supporting both outcomes.
Signature Relationship Manager for North England, Bob Stones, commented: “This is a great example of the kind of well-considered, design-led opportunity that Signature loves to be involved with. The developer is an experienced architect with a clear vision and a strong grasp of both the market and build process.
“With planning secured and a detailed plan in place, it was an easy decision for our lending team to agree to fund this project. The strength of the location – particularly with the Eden Project on the horizon – gives this scheme a huge upside, and it’s been a pleasure to work with both the client and David Farrell at Quest Finance to bring it together.”
David Farrell, Director at Quest Finance, added: “From the start, Signature saw the potential in this project and moved quickly to deliver a solution that worked for the client’s timescales. Their pragmatic approach, speed of response and clear communication throughout made the process incredibly smooth.
“This is exactly the kind of deal where strong lender-broker collaboration really makes the difference, with a Relationship Manager handling the deal from enquiry to completion, instilling confidence in the process. I look forward to working with Signature on future opportunities.”