By Ian McConnell

The developer of an office building in Glasgow city centre with planning permission for a 113-room aparthotel has secured a £2.5 million bridging loan from Unbranded Finance.

The loan to developer Courie Investments is secured against the building at 249 West George Street, on the corner of Blythswood Square, Unbranded Finance noted.

It added that the developer was reviewing options including conversion of the building to an aparthotel or redevelopment for continued use as an office.

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Unbranded Finance, which describes itself as a “non-bank lender” and has offices in Edinburgh and London, was set up in 2020 by experienced property investors and developers Andrew Smith and Oliver Holt.

A spokeswoman for Unbranded Finance said Courie Investments had purchased the property in November.

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She added that the building, which had been owned previously by Carrick May Properties, had been “empty for some time” and would need a complete refurbishment “in due course”.

Unbranded Finance said: “The 24-month loan will be used as a holding facility by the developer while they review a number of redevelopment options for the building including implementation of the existing aparthotel consent, or total redevelopment for continued office use.”

Mr Smith said: “We used our in-depth knowledge of the local market and in-house property expertise to very quickly underwrite this transaction, and it was executed without the need for an external valuation, allowing drawdown to be accelerated, demonstrating our flexible approach to delivering rapid and straightforward funding solutions.”

Andrew White, director of Courie Investments, said: “Unbranded delivered exactly what they said they would. Transactions like this always have their complications – it is always refreshing to deal with a lender who takes such a pragmatic approach with a ‘can-do’ attitude.”