Another development finance project for us in South Wales, this time just outside the town of Bargoed, in Caerphilly. Our developers purchased the site, which was a disused light industrial unit, a while back and have planning permission to convert one office block into a group of three terraced houses, and a second, larger, industrial block into eight apartments. This leaves a considerable amount of the site for future development, subject to future planning applications. The first phase of terraced houses is largely complete now, and Z2's facility will refinance out the existing lender and provide funds for the development work on the apartment block. Our loan is expected to be in place for between nine and eighteen months, and we may then look to provide further funds in the future, depending on what plans are obtained.