The deal will help fund the refurbishment of a site in Yeadon, Leeds.

It comprises a detached stone-built house on a larger plot, with land behind it allocated for four additional family homes.

The borrower is an experienced developer with 30 years of residential development, refurbishment and regeneration experience across Leeds and the wider North of England.

This is the fifth scheme Pivot has funded for him, delivered on a self-build basis through his own contracting business, meaning site work could start the moment funds were released.

The refurbishment, which carries no planning risk, was funded immediately at 65.9% LTGDV and 82.3% loan to cost. The development tranche for the four new homes is ring-fenced separately, releasing once full planning consent is in place.

The transaction was led by Georgie Crocker, relationship manager and credit manager Nathalie Manser.

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Georgie said: “Our track record with the borrower meant we could move quickly, having funded four previous developments together.

“From day one, the borrower has certainty to acquire and refurbish the existing house, with Phase 2 funding agreed and ready to draw once planning is secured.

“This removes the need to source new finance between phases.

“In a challenging market, making the funding process as smooth as possible for developers is a priority for us; ultimately, we all want to see the development succeed.”

Nathalie added “Recognising the different risks and timelines across the two phases allowed us to structure the facility around the way the development would actually progress.

“Our efficient credit process meant we could agree that structure quickly, giving the borrower immediate funding for the refurbishment while retaining certainty around Phase 2.”