The facility will enable the client to refinance their existing bridging loan used to acquire two properties located across from each other, and convert them into 17 residential units across the two sites.

The sum provided will cover 100% of the build cost, with the remaining funds to be allocated towards the acquisition of the site.

The loan was agreed over a 12-month term, which will be split between a nine-month construction period and three months for sales/refinance.

The completed scheme is expected to have a value in excess of £3.8m.

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Saam Lowni, managing director at Merryoaks, said: “Having worked on the development for 18 months with a bridging loan, the client came to us with the priority of securing a development loan that would replace the existing first-charge lender and provide 100% of the build costs.

“The developer wanted to roll into the development facility as soon as possible and we were able to secure the loan within their timeframe.

“It is an exciting project and we look forward to seeing the finished result.”

Tom Ffitch, underwriter at Funding 365, added: “This case brought unexpected, time-sensitive challenges that demanded close communication and hard work from all parties involved.

“Saam and the team at Merryoaks delivered on this front, using their experience to build a fantastic solution for the client.

“I look forward to working with them again and delivering a first-rate experience for our borrowers.”