The 15-month facility, agreed at 63% LTGDV, included an initial loan of £155,000 and a further £840,000 released in build stages.

In addition, Magnet enlarged the loan by £72,000 to assist the developer with the deposit on a new scheme it was purchasing.

An extra £50,000 was also agreed to assist with cashflow.

All five properties have now been sold.

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Sam Howard, co-chief executive at Magnet, said: “This was a demonstration of our ability to provide the client with the funds they needed to complete their project as quickly as possible and move on to their next site.

Andy Hubbard, director at Quadring, added: “This lender has once again worked very closely with us from the initial purchase of the site, through the drawdown process, completion and in the procurement of our next site.

“It has always provided a personal service since discussing our first development and longer-term goals within the business.”

This is the fourth scheme to be completed recently between the two companies.