The project consists of a partial new-build element and a large barn conversion.
The lender has provided a phase-one facility, with a phase-two option dependent on a planning amendment being approved.
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Ashley Ilsen, CEO at Magnet Capital (pictured above), said: “For this project, we had to apply a lot of our development knowledge to provide a solution that will give the clients a suitable cash flow, depending on which planning option they eventually take up.”
The deal was brokered by Chris Holden, managing director at AP Mortgages.
Chris said: “[Magnet has] been proactive, flexible and solution-orientated.
“From joining us on site to concluding the deal at [its] offices, Magnet Capital [has] been incredibly clear about [its] process and, importantly, once [it] indicated [its] intention to fund the deal, [has] not once wavered in [its] support.”