The borrower, an entrepreneur transitioning into property development, will use the funding to undertake a comprehensive refurbishment and conversion of the site.

The deal was structured at 70% LTV on day one, alongside an equity release at drawdown, providing the borrower with immediate access to capital to progress the project.

The transaction presented several challenges, including a part-transfer of the site away from their main residence.

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George Ormerod, relationship manager at Avamore Capital (pictured above), commented: “This was a really interesting deal that highlights our ability to support clients entering the development space from other industries.

“Despite the complexities around the legal structure and the borrower being new to development, we were able to structure a solution that provided strong leverage from day one, including an equity release to support cash flow.”