Amicus Property Finance completed a deal with the Ladson Group to purchase two previously council owned commercial buildings in Preston.
Winckley House has now obtained planning permission to be converted into 76 apartments, with 34 units having been pre-sold.
Guild House has been vacant for five years and obtained planning permission to be converted into 46 apartments with all units having been pre-sold.
Yasin Patel, divisional director at Amicus Property Finance, said: "We are delighted to have provided funding for these two sites.
“We continue to look to fund works required to turnaround historical properties which bring buildings back to life and make the surrounding areas much more appealing.”
The area has seen a significant boost having recently undergone a £1.2m lottery funded regeneration.
Guy Ladson, managing director at Ladson Group, added: “Amicus was able to adapt to our needs, understanding our business model to the core and tailor the financing we required to fit around us.
“With this funding in place, we are excited about the future for these two buildings and hope we can maintain a sustained and successful relationship with Amicus.”