The facility was secured by Arc & Co.’s director Cameron Hayes (pictured above), and will fund the development of a residential scheme of 46 houses in Derbyshire.

The deal took three months to complete and was delivered at 65% LTGDV, with a gross facility of £10m and for a term of 24 months.

The deal is inclusive of a peak debt/revolving credit facility of £7m, enabling the client to manage interest costs.

The borrower has PE backing from Angelo Gordon.

Speed and pricing were the primary concerns and a thorough tender was conducted to determine the best funding partner for the deal.

The chosen lender’s capacity to look at future opportunities was also an important factor, establishing a framework to enable the client to roll multiple peak debt developments into the structure.

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The site was purchased from one of the landed estates and required a license agreement with the estate which led the bank and solicitors to carry out an additional level of due diligence.

Commenting on the deal, Cameron said: “As this was the client’s first banking relationship, it was vital that we undergo a full market search, comparing terms and returns to the client.

“The lender in question is reliable and meets not only the current requirements of this emerging national housebuilder, but can support future opportunities, too.

“It’s our job to ensure that communication and processes run smoothly, paving the way for a successful borrower-lender relationship going forward — and we have achieved that.

“We look forward to working closely with the housebuilder on their journey to deliver 1000 plus units over the next 18 months.”