The funding was secured against a large office block, which has consent to be converted into 51 apartments.
The facility will be drawn down in three stages due to initial planning only being secured for 42 apartments.
The first stage will be used for the acquisition of the property, the second for the conversion work, while the final stage will fund the last nine properties, subject to planning approval.
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Terry Woodley, director of development finance at Shawbrook Bank, said: “Our partnership with Black Book Finance continues to go from strength to strength, and we’re seeing how their growing reputation for high-quality delivery is translating into higher numbers of new business enquiries.
“We share a commitment to applying specialist expertise and a can do approach to each transaction, pulling together and going the extra miles in order to deliver great customer outcomes.
“We’re proud of what we’ve done with Black Book so far and looking forward to working with them again.”
Michael Clapper, executive chairman at Black Book Finance, added: “Development projects are never straightforward, even when they might appear so at first, so our team fully understands the requirement to always be ready to sort out the inevitable curveballs whenever they might appear.
“The project in Borehamwood was no different, and once again our team delivered an outstanding effort, pulling out every stop to ensure it got sorted in time.”