The loan was used to develop an 8 unit assisted living scheme.
The Borrower, an experienced contractor had permission to build the bungalows with an ancillary staff bungalow attached.
The build would complete over a 12 month period and then the Borrower would refinance within the following 3 months.
The property will be retained by the Borrower on completion, with the loan being repaid to Sancus through refinancing with a long-term mortgage provider.
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