Known as ‘The Hoo’, the Belsize Park-situated property was purchased at auction in 2019 for £5.5m.

The £11m has been secured to develop the Grade II listed property into three high-end residential units, two five-bedroom and one four-bedroom dwellings.

The development loan was successfully negotiated by Peter Williams, head of property development for Empire Global Finance, while assistance was provided by Steve Thompson, development finance portfolio manager, and Guy Murray, head of development finance — both of West One.

The Hoo’s location and listed status complicated the process due to the extensive and costly planning efforts required in a conservation area.

Development finance was secured at a “critical juncture” according to Empire Global Finance, when a lender was needed to re-bridge a loan to conclude fully planning consents.

All parties worked rapidly on the deal, with West One able to issue terms within 48 hours. The entire process took only a few months. Leona Ho and Avi Barr of BBS Law advised on the deal.

Matt Davies, CEO at Empire Global Finance, said: “Our team’s dedication, Peter’s exceptional expertise and the ongoing support of West One Loans have truly shone in the successful closure of 'The Hoo'.

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“I am incredibly proud of everyone involved in this complex project., congratulations to all for their hard work and commitment to excellence.”

The £11m development finance package will be used to create three self-contained units known as the Main House, the Annex and the Lodge.

The Main House, with Link, will have five bedrooms over two floors with guest/staff bedrooms and a cinema room.

The Annex is a five-bedroom single dwelling at the rear of the property, while the Lodge will be arranged over three floors.

Danny Waters, CEO at Enra Specialist Finance, remarked how the transaction was “complex” due to the involvement of a Grade II listed, high value and historic property and need for short completion timescales.

“Along with the assistance of our professional advisors, our development finance team completed the transaction within six weeks of receipt of the application to ensure the developers expectations were met,” he added.

“We are delighted to have been able to assist in this transaction which evidences our agility in funding and look forward to seeing the scheme develop in the future into high specification properties in this sought after location”

“From the initial enquiry and detailed, extensive information supplied by Pete Williams at Empire we worked closely on the transaction regularly engaging and updating Pete and the external professional teams,” added Steve Thompson.

“Regular site visits were arranged throughout the completion process which assisted in the transaction and Pete’s extensive knowledge of the property, the transaction and the ultimate borrower was extremely valuable.

“Delighted to have worked with Pete and Empire on this transaction and look forward to enhancing the relationship”