The nine-month term loan — agreed at 84% LTC and 67% LTGDV, and priced at Bank of England base rate + 7.5% — will enable the borrower, Waves of London, to complete the development of nine one-, two- and three-bedroom homes.

According to Clearwell Capital, it was able to achieve this milestone thanks to a consistent flow of transactions since December 2022 — the lender’s record month, when it provided over £7m to three SME developers.

Following the milestone, the firm is now looking to lend £75m in the next 12 months, depending on the state of the market.

•   Hilltop launches real estate funding and management platform
•   Clearwell secures 12-month extension for Fasanara Capital funding line
•   Clearwell aims to lend £100m to SME developers in the next 18 months

Ed Marley-Shaw, chief executive at Clearwell Capital, said: “The major housebuilders are slowing down their construction rates, while at the same time as mortgage rates are falling and we are starting to see stability returning to the housing market. 

“Our clients’ unit sales have also picked up significantly since December, as has the number of enquiries for our senior loan product — all this leads us to believe there is much to be positive about. 

“We look forward to continuing to fund experienced developers that build smaller bespoke schemes — like Waves for London’s Thetford project — and supporting those SME developers that can help alleviate the housing shortage.”