The 20-month facility will be used to deliver nine additional units above an existing three-storey structure, increasing the total number of homes to 22.

Full planning permission for the three-storey extension was granted in October 2025, with structural reinforcement works completed and signed off prior to funding.

This development will incorporate green roof space, heat pumps and solar panels alongside improvements to the existing building fabric.

The transaction was introduced by Lucy Waters, managing director at Aria Finance, and allowed the borrower to refinance their existing lender while progressing development above occupied space.

HTB restructured the facility across two products to deliver the required net day-one refinance without additional security. On completion, the borrower intends to retain the asset and refinance onto longer-term investment funding via HTB’s specialist mortgages division.

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The deal was led by Alexia Evans, lending director at HTB (pictured above), with support from relationship managers Olivia Emmett and Elysia Walters, and BDM Scott Apps. Valuation was provided by Colliers, monitoring was undertaken by Project & Building Consultancy, and legal advice was provided by Glovers.

“We needed to deliver a full refinance while protecting the development above occupied space and maintaining momentum on site,” said Alexia.

“By restructuring the funding across two products, we were able to meet the borrower’s day-one refinance requirement without introducing additional security or compromising risk discipline.

“That clarity of structure is essential when funding complex urban schemes.”

Lucy added: “This transaction required a lender able to engage fully with the commercial structure and timing pressures involved.

“HTB worked decisively and collaboratively throughout, ensuring the refinance completed smoothly while the development progressed as planned.”