The residential scheme was wind and watertight, but required more funding to fit out several of the apartments and complete the communal areas and external works.

The nine-month term loan — agreed at 100% LTC and 75% LTGDV at a fixed rate of 1% per month — allowed the client to refinance their existing senior loan, as well as complete the necessary works.

This will also offer the developer the time needed to market and sell the apartments.

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Phil Mabb, director at Bridgedevelopment Property Finance, who introduced the deal to the lender, said: “Unlike the incumbent lender, Saxon Trust took a pragmatic approach to dealing with a difficult project that had stalled both due to a failed contractor and the advent of Covid-19 — I applaud its ingenuity in providing a solution to a difficult case.”

Andrew Gardiner, director at Saxon Trust, commented: “We are delighted to have completed this finish and sell loan for Phil.

“Together with our market and sell product for schemes that have reached practical completion, development exit deals have become a core element of our product range in the six months since they were launched.

“With competitive fixed rates, terms from 3-18 months and the flexibility these products offer in what is now a very challenging market, we look forward to assisting many more developers.”