Aldermore provides funds for Edinburgh property developer to convert castle into luxury living space

Challenger bank Aldermore has provided Edinburgh-based developer FM Group with a £3.3 million property development facility to convert Dalnair Castle, a 19th century Scottish Baronial mansion, into 10 luxurious apartments.

FM Group said it has successfully developed and sold thousands of residential homes and commercial properties throughout the UK and overseas.

The 60 acre development at Dalnair Castle, which is set on the edges of Loch Lomond and the Trossachs National Park, will also boast eight mews properties, four plots within a walled garden and a further ten pieces of land set within the existing landscape. Furthermore, residents will benefit from access to new walking and cycling paths, as well as a tennis court.

Simon Knowles, Head of Property Development at Aldermore said: “This is the first development that Aldermore has funded a development in Scotland and it is a fascinating project to be part of. Dalnair Castle is a key landmark in the area and we are pleased to be playing a part in the extensive refurbishment programme, not least because it highlights that there is financing available for this type of challenge. Supporting businesses that transform historic buildings into something that will be as impressive as the Dalnair residential development is exactly the type of work we pride ourselves on and we look forward to doing many similar projects in the future.”

Jonathon Milne, Managing Director of The FM Group said: “As a luxury bespoke homebuilder we spotted the opportunity that Dalnair Castle offered immediately. The next step was then to secure a funding package to enable us to achieve our vision. We were fortunate to have been introduced to Simon and the Aldermore team by our real estate partner - he and his team structured a competitive financing deal that will enable us to create a prestigious, high specification development that will offer a unique lifestyle to our customers.”