Initially, a £3m bridging loan was agreed to ensure the acquisition of a Grade II-listed building, despite a pending planning application decision, which was subsequently secured.

In addition, a further development finance loan was structured to clear the existing finance agreement, with an additional £1.9m released at phase one and £4.22m at phase two of the ongoing scheme.

The overall GDV is more than £18m and includes a change of use from office (class B1) to residential (class C3), which will comprise 33 one-, two- and three-bed dwellings.

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Michael Fisher, development finance director at Crystal Specialist Finance said that it was approached by a broker whose client needed a quick solution to secure a historic building, which at the time had no planning approval, but still required maximum financial leverage.

“Having looked at the application in-depth, we proposed an initial bridge and subsequent development finance product, a bespoke solution that was only possible thanks to the team’s in-depth knowledge and the close relationships we have built with our panel of lenders, including Amicus.”

Alan Dorrington, senior underwriter at Amicus, added: “Having provided the initial facility for this project, and appreciating the potential of the build and track record of the developer, we ringfenced additional funding at an early stage. 

“The developer’s reputation for developing high-quality, contemporary property is second-to-none and we are confident that the new project will be an enormous success.”