Commercial Finance Specialists

Commercial mortgage finance has been secured to allow a Liverpool-based developer to complete a £38 million student housing project.

A commercial development firm has secured millions in debt funding in order to complete a £38 million project.

Liverpool-based Iliad has obtained commercial mortgage finance from Barclays Corporate, to fund completion of a student residence development in Birmingham, reports the Liverpool Daily Post.

Close to Aston University, the 656-bed building on Bagot Street will then pass to Cosmopolitan Student Homes, the UK's seventh-largest student accommodation provider, under a 35-year lease.

Iliad's group finance director Tim Molloy told the publication: "Iliad is very pleased to have got such a significant project on site in the midst of very challenging times.

"We look forward to further schemes with Cosmopolitan Student Homes and building on the growing relationship with Barclays."

Barclays Corporate property relationship director added that despite challenging economic times, finance would always be available for projects such as this.

Property investment firms Moorfield and Hines recently came together to purchase eight office buildings in Birmingham for £200 million.

Posted by Tess Nelson.