The loan has been provided against an £11.15m GDV, representing 65% LTGDV.

The borrower, who is looking to create 23 apartments, is using the loan to acquire the site and redevelop the existing property.

This funding will be used to construct a two-storey vertical extension, renovate existing units and enhance the building’s facade.

Several complexities had to be overcome during this process, with the borrower having to require vacant possession - involving bailiff intervention - and then work within a strict seven-day timeline.

Additional structural considerations were also necessary due to the vertical extension requirements, with the acquisition strictures as a share purchase of the existing corporate owner.

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“This deal brought together several challenging elements - vacant possession, structural hurdles with a vertical extension, and a share purchase,” said Neil Leitch, managing director of development finance at HTB (pictured above).

“By working closely with the advisor and borrower, we tackled each issue head-on and ensured the funding was delivered on time. It’s a prime example of HTB’s commitment to finding practical solutions and making even the most complex projects happen.”

James Mole, director at J3 Advisory, added: “This was a unique and complicated case, and it took terrific teamwork and coordination to get it over the line. Some lenders might have struggled with the complexities involved, but I was confident that HTB would tailor a solution for the client - and they more than delivered. I look forward to working with them again to support my developer clients in the future.”