The Rainbow Charity for Children with Autism has secured loans and grants totalling £4.38m to renovate a 19th century property in Wandsworth into an independent special needs day school for up to 60 autistic children.

The Co-Operative Bank provided a loan of £2.15m and the Social Investment Business made a loan of £2m and a grant of £232,000 from the Futurebuilders Fund.

The school will be the second site for the Rainbow Charity, in addition to its existing premises nearby in Wandsworth.

The loan from The Co-operative Bank is over a term of 15 years and part of it is at a fixed rate of interest and part at a variable rate linked to Bank base rate.

Karen Sorab (pictured), founding trustee and acting CEO of the charity, described both funders as "supportive and really professional".

In 2009/10 the Rainbow Charity had income of around £960,000 and the projected income for this financial year 2010/11 is £1.3m.