The loan was offered on a 24-month term at a rate of 7.5% plus BBR.

The project includes 31 two-bedroom flats and 15 one-bedroom flats, arranged in two blocks over ground to fifth floors, also included in the development are 23 car parking spaces provided (including disabled spaces) as undercroft parking.

Avamore provided the borrowers, two developers, with a part-complete development loan to the project that is not yet wind- or water-tight.

Both sites are located on the southern periphery of the Bedford town centre near the Rope Walk Retail Park.

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D’mitri Zaprzala, CEO at Avamore Capital (pictured above), oversaw the loan to completion, he commented: “We’ve seen an uptick in part-complete development schemes in the last few months and this one was almost a perfect case study of where we can assist.

"Great borrowers, and a great scheme, which had experienced delays and the existing funder no longer being suitable. While we see a lot of schemes that are nearer the end of their development, we love those which are much earlier in the process.

"We are already working hard with the borrower to get the scheme moving again."