The full terms of the deal include a £25m line of which £17.5m is committed, over a 3.5 year term. Fieldfisher acted for Shawbrook on the deal.

Shawbrook and Magnet initially partnered in 2018 with a facility worth £5m. In that time, Magnet has redeemed over £60m worth of loans.

This latest funding from Shawbrook will allow Magnet Capital to continue expanding. While the lender has thus far focused on development schemes with a unit size between one and four, Magnet will now consider larger deals as it continues to grow.

"Our relationship with Shawbrook has coincided with a strong period of growth for our business,” said Sam Howard, co-CEO of Magnet Capital.

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“In that time, we have redeemed well over 100 deals and, with the increased level of funding provided by this deal, look forward to furthering this upward trajectory.

“We are thrilled to continue our journey with Shawbrook who constantly demonstrate their experience and expertise in the field when working with us.”

Luke Randell, director of speciality finance at Shawbrook, added: “Magnet Capital is a strong business in the development finance space who have continued to demonstrate robust growth during our partnership despite the macroeconomic challenges present in the last half a decade.

“At Shawbrook, we take our existing relationships seriously and deals like this are a testament to our team's ability to grow the support available to a business as they themselves continue to expand.

"We look forward to watching Magnet Capital’s continued success in the future."