Agreed over a 24-month term, the loan takes Broadwood’s total lending above £20m and marks its first loan for residential housing schemes.

The facility will fund the construction of 39 residential units in North Yorkshire, secured across sites in Sadberge and Hunton, two villages near Darlington.

According to Broadwood, the facility will allow for construction on the Sadberge site to recommece immediately with the aim of delivering 25 residential houses – including four affordable homes – in 2023.

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Alastair Stanley, director at Broadwood Capital, commented: “There is strong demand for high quality new build housing in the North East of England, the schemes at Sadberge and Hunton will deliver residential houses for first time buyers, families, and those in need of affordable units.

“We were delighted to support the highly experienced Hadrian Real Estate PLC team to allow them to restart these stalled developments, which will contribute towards the housing requirements in the local area”.

Gavin Fraser, managing director at Hadrian Real Estate PLC, added :“Lenders rarely like to provide loans on part built and stalled construction projects.

“Broadwood’s depth of knowledge and experience of insolvency, residential development and construction was critical to unlocking these schemes.

“They took a partnership approach, working with us to resolve problems and provide a tailored funding solution which will allow us to deliver these housing projects, contributing to the much-needed housing demand in the north-east of England."