This transitioned a development finance loan into the firm’s specialist mortgages portfolio.

The capital, including £12.25m in refinancing and an additional £550,000 to fund the next stage of the project, will be used to deliver 65 rental units in the coastal city.

This deal required HTB to consolidate costs into a structure where rental income will service debt and unlock surplus funds for further development.

The deal took four days to close.

Hayden McMullen, head of internal refinance at HTB (pictured above), led on the deal and said a “pragmatic” legal process was key to its success.

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“Working with our trusted panel lawyer, we avoided the need for a costly title solvency policy, reducing expenses and streamlining the process,” said Hayden.

“By simplifying the legal process and collaborating effectively, we completed the refinance within four working days of credit approval.”

Alex Upton, managing director of specialist mortgages and bridging at HTB, added the deal required close collaboration between the firm’s different teams.

“Hayden and his team were instrumental in making this happen,” added Alex. “Their ability to manage transitions between products with speed and precision demonstrates the strength of HTB’s offering.”