The lender supplied a 12-month facility of £456,000 to DJ Slater Ltd for the development located at Low Street Glemsford in Suffolk.

The project was completed in 12 months.

DJ Slater’s development will now contend for the LABC National Award, which is set to be given out in January.

David Slater, director at DJ Slater, said: “The Low Street development saw the demolition of redundant agricultural building, transforming into useful, modern, efficient and environmentally friendly affordable housing in a rural environment within walking distance of a thriving village.

“The success of our development project was a testament to the team we were fortunate enough to work alongside.

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“A special thanks to Sam Howard of Magnet Capital, whose longstanding good relationship with myself, expert knowledge, advice, and lending support assured that every step of this development process met us with ease and total professionalism.”

Sam Howard, co-chief executive of Magnet Capital, said: “We are delighted for David who we have known for many years and the award is a testament to the quality of his housing developments.

“I visited the site personally numerous times during the 12 months of this project, so I knew it was a special development, but it is great he is getting the recognition for his work.

“This project was an excellent demonstration of our ability to work closely with the client and provide him with the funds he needed to complete the project as quickly as possible and to the highest quality.

“As a genuinely specialist development finance lender, we are laser focused on building long standing relationships with our clients and proving time and again our added value.

“We wish David every success in the final of LABC National awards.”