The funding will be used to support the first phase of a new built-to-sell housing project which consists of 10 houses.

An experienced developer has secured the funding, on a 20-month facility and structured at 65% LTGDV.

Pallas Capital senior originator Mark Witherington and underwriter Jamie Peacham (pictured above), led the transaction, which was introduced by Laurie Baugh, managing director at Approved Finance.

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The site’s complex title and unregistered land required a level of diligence that typically causes traditional funding to stall.

The Pallas team worked with their legal partners to structure a solution that moved the project forward.

"This deal is a great example of what we can achieve when we lean into the more complex aspects of a transaction,” said Jamie.

“It required a significant amount of thought from our legal partners and a pragmatic, commercial mindset to get it over the line.

“We are happy to see this project move into the construction phase and look forward to supporting the client further as the site progresses."