The facility will be used to demolish an existing building and replace it with a new building comprising three three-bedroom and six two-bedroom apartments on the ground, first and second floors.

The new development will also include nine parking spaces in the basement.

This is the second facility that LendInvest provided to the developer, and upon completion, they plan to exit onto a BTL line of financing.

LendInvest provided the funding, which was structured at 70% LTGDV over an 18-month term.

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“This particular facility is the perfect example of a developer seeing the potential in a piece of land, and with the UK in need of new housing, these nine new apartments are another step in the right direction,” said Steve Larkin, managing director for development at LendInvest (pictured above).

“Providing financial certainty and technical expertise needed to get schemes like this off the ground is where LendInvest adds the most value.

“We are very much open for business and are eager to support more SME developers in bringing their next vision to life.”