The loan has been provided to sustainable housebuilder Verto to refinance existing debt, as well as support the construction of the apartments at Fistral Beach.

In 2021, OakNorth made an initial loan of £8.6m to Verto to support delivery of 30 zero carbon smart homes in Falmouth and a further 18 units in Mylor.

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Hemesh Patel, property finance director at OakNorth, commented: “As a digital bank that prides itself on supporting sustainable, innovative, and founder-led businesses, Verto is exactly the type of company we look to lend to and we’re incredibly proud to be backing them again.”

“We fully expect this latest project in Newquay to be highly sought-after.”

Tom Carr, co-founder of Verto, added: “Returning to OakNorth to help fund this project was an easy decision to make, given our strong relationship with them, the level of knowledge and expertise they have of the UK’s residential market, as well as the core values and beliefs that we share around the vital importance of sustainability in everything we do.”