The facility, structured at 67% LTV over a 24-month term, follows the initial provision of a £550,000 VAT tranche to support the original purchase of the site.

Atelier enabled the client to progress from initial site acquisition to development, facilitating demolition and ground-up construction of 21 new homes.

The new homes will comprise 18 apartments and three houses, and the development also includes a communal garden, complete with orchard and a greenhouse.

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The site will be delivered ‘car-free’, with two parking spaces reserved for Blue Badge holders.

Harley Stairmand, lending manager at Atelier, commented: “This project demonstrates how our flexible funding solutions can unlock the potential of well-located sites.

“By structuring the facility to include a VAT tranche, we enabled the client to progress from acquisition into the construction phase, allowing them to focus on delivering high-quality homes.”