The loan was delivered at a 62% LTV with a 12-month term to refinance existing facilities and released equity.

Secured against a number of commercial units, residential apartments and a luxury build to rent scheme - all located in Newcastle city centre - this will support the developer in the refurbishment of an additional property.

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“This loan gives our client the time and flexibility they need to meet their financial aims over the next 12 months,” said Patrick Davenport-Jenkins, vice president of HREF (pictured above) who originated and led the deal.

“They have developed an exceptional BTR scheme in central Newcastle, bringing much needed stock to the city, and our loan will allow them to stabilise the asset and put in place the best long-term financing.

“At the same time, we are releasing equity to allow them to finish the refurbishment of another property.”

The deal was introduced by Fiona Smith and Mark Nixon of Finance 55, with Lambert Smith Hamptons and Cluttons providing valuations.

Marie Pugh of Clarion Solicitors led the legal due diligence on behalf of HREF.