The facility, agreed on a 15-month loan term, will fully fund the build costs of the £3.45m GDV development phase of the Low Wood project.

It will produce 12 apartments and cottages, with build work already underway.

PMJ has been working with the developer for the past three years on all the scheme’s stages, including the acquisition of the £1.8m building back in 2018.

Waypoint has now delivered a total of eight homes at Casterton, which have all been sold.

Tony Stubbs, managing director at Waypoint Development and Construction, said: “PMJ is a very supportive development partner.  

“We have been working with it for a number of years now, and it has been an instrumental part of the project's success.

“Not only has PMJ provided the funding to enable us to start and continue work at Casterton, but its committed approach and support has provided that sounding board as we’ve developed the scheme.”

David Rainford, managing director at PMJ Capital, added: “From navigating a complex planning process, [to the] attention to detail in delivering a superb end product, Tony and his team have brought life back into the old school buildings, and we look forward to sharing in his success across the final phase of this development.”