This funding, with the deal introduced and structured by Karis Capital, supported the construction of a two-bedroom dwelling behind King’s Road.

The completed property is a single-storey plus basement house of just over 1,000 sq ft.

This site posed several challenges, including no vehicular access, a dense urban location requiring 21 Party Wall Awards to be secured and previous planning permission from 2014 having lapsed.

Two further planning applications were withdrawn before permission was finally granted in September 2022.

"This was one of the most operationally challenging sites we have ever funded — a genuinely hidden gem behind one of the world's most famous streets, with constraints that would have been prohibitive without the right team around the table,” said Ashley Ilsen, CEO at Magnet Capital (pictured above, right).

•   The Finance Professional Show 2025: The Video
•   Magnet Capital makes triple business development appointment
•   Karis Capital arranges £40.1m deal for major PBSA development

“No vehicular access, 21 Party Wall Awards, a planning history going back to 2013 and a basement that cost more than half the entire build budget to construct.

“Our underwriting team worked through every one of those issues methodically and the fact that this loan has redeemed successfully and on time is a testament to the experience of the borrower, the quality of the broker relationship with Karis Capital, and the conviction of our team in backing the right people on the right project."

Luke Casey, senior associate at Karis Capital, added: “From the outset, Magnet Capital's team understood the complexity and never wavered in their commitment to getting it done.

“Their ability to look beyond the obvious challenges and back the right people is what sets them apart.

“We are proud to have introduced this transaction and delighted to see it complete successfully."