The facility, agreed at 66% LTGDV over an 18-month term, will enable the client to construct 59,995 sq ft of living space, including flats, as well as terraced, semi-detached and detached homes.

The initial phase of the project will comprise 33 houses over an area of 33,479 sq ft — including 13 affordable homes, which have already been forward sold to a regional housing association.

The loan will also enable the provision of necessary infrastructure for the remaining land, allowing the developer to immediately begin on further development phases as soon as the initial works are finalised.

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The completed project will deliver a total of 69 dwellings, 35% of which will be affordable houses.

Andrew Hall, property director at CrowdProperty, said: “This project is yet another example of CrowdProperty funding small- and medium-sized developers in order to build more homes and drive spend in the UK economy. 

“We understand the needs of developers and work to address the funding pains in the market.

“Our mission is to transform property finance to unlock the power of developers, focusing on funding quality development projects in liquid markets serving domestic demand at mainstream price points being undertaken by quality small- and medium-sized property development businesses throughout the UK.”