The project – introduced by Black Book Finance senior consultant David Bromley – was agreed at 47% LTGDV on a 1% fixed rate over a 24-month term.

While the borrower plans to exit through sale of the units, Saxon Trust said it is also offering a fee-free option to move to one of its development exit products should the need arise.

Located on a former farmyard, the development will involve the construction of two new build houses with garages, parking, gardens and landscaping.

The project aims to support local biodiversity, with much of the 0.47 hectare site being rewilded after development completes.

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Brian West, head of sales and marketing at Saxon Trust, said: “Following a run of development exit deals recently we are delighted to get back to our roots and complete on this small but sustainable and exciting ground up scheme introduced by Black Book Finance.

“We make our lending decisions based on the strength of both the project and the developer, often lending when others fail to see an opportunity.”

David added: “It was a pleasure working with the Saxon Trust team, and we are delighted to have secured a fixed rate deal that gives our client comfort and certainty over a 24-month period to build, market and sell the properties.

“In addition, the option for our client to move, fee free, to one of Saxon’s development exit products at a later date was another attractive feature."