The loan was valued at £5.7m and was acquired to complete the construction of two luxury properties in Hadley Wood, north London.

This new facility will refinance an existing one secured against the properties and will provide the additional liquidity needed to finish the project.

The development is set to be completed shortly before Christmas with the properties thereafter being sold on the open market.

The client was an SPV called 94 Camlet Way LLP, a joint venture between developer Bellis Homes and the residential private equity house Cogress.

Amit Majithia, principal at Avamore Capital, said: “We are delighted to have closed this transaction with Bellis and Cogress.

“We have strong belief in the project and in Bellis to deliver exceptional quality finishes to these houses in the next three months.

“We know this market exceptionally well.

“We expect that both homes should be sold for top prices in the next six months given [that] there are no new houses in the local market and that there is strong demand from local residents seeking new-build luxury units.

“The due diligence that we had to carry out to advance this was extensive, but we think the effort we put in will be worth it.

“We will now focus on supporting our borrower on this project to make it the success it should be and to close a further £15m of deals in the run up to Christmas.

“We have [a] strong appetite for deal flow and look forward to speaking to borrowers and brokers seeking funding.”