The property finance company will provide £21.7m for the project, which is being developed by a subsidiary of Sheikh Holdings and development partner Haxted Estates.

The 2.2-acre site in Kenley will be built out into 118 residential homes (pictured above) and a medical centre.

The total GDV for the project stands at £39m and the scheme will comprise 46 one-bed and 62 two-bed units.

Private sale values are expected to range from £280,000-385,000 and there will be 102 private units and 16 with shared ownership.

Andrew Turnbull, managing director at Wellesley Group, said it was delighted to be able to support the building of the scheme over the next two years.

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“As a relationship lender, Wellesley works with successful developers on mid-market schemes, helping to create new homes across the UK.

“Today, less than 20% of our loan portfolio is in London and it is quality schemes in areas of high residential demand that are the focus of our funding in the London area.”

Carlo Navato, chief executive of Haxted Estates, added: “This much-needed residential development is being funded by Wellesley Group, [which has] put forward an innovative funding arrangement drawing on [its] in-depth knowledge of the residential property market.

“We look forward to delivering beautifully designed and well-priced homes for the increasingly important middle-market buyers.”