The facility will be used to develop five luxury dwellings on the site, with planning permission already in place for some of these.

This will include converting the existing barns into three residential units — two four-bedroom converted barns and one five-bedroom converted barn — with an application lodged for two additional units.

BLEND structured the facility to provide certainty from day one while also giving the borrower flexibility as the planning position evolves.

The initial facility has been underwritten on the basis of the consented three-unit scheme, with the loan automatically increasing if planning is granted for the additional two units.

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“We are proud to have supported this exciting project, which will bring a Grade II-listed barn complex back into productive use and create five luxury dwellings in a very attractive rural setting,” said Yann Murciano, CEO at BLEND.

“This transaction highlights BLEND’s ability to structure funding around the realities of a project.

“That combination of certainty and flexibility is exactly what experienced developers need, particularly on heritage-led projects where the funding structure has to reflect both the existing consent and the future potential of the site.”

The transaction was introduced by Dieter Kerschbaumer, director at FRP Advisory.

Dieter added: “This was a complex transaction due to the Grade II listed status of the barns and the pending planning consent for additional units.

“[The facility’s flexibility], combined with BLEND’s in-house mezzanine capability, was a key differentiator from the other senior lenders.”