Archway Capital were able to facilitate the loan in 21 days from submission to drawdown.

Sonic Funding Partners leveraged the facility up to 76% LTGDV — utilising a further second charge over another security to increase the loan size — providing the client with a NET loan sum of £2.2m against a GDV of £3.15m.

Sonic were able to incorporate a £200,000 advance at the request of the borrower once legals were finalised to help the developer’s cashflow position.

The development comprises of seven three- and four-bedroom bungalows, following the already completed demolition of a building on site.

•   Hilltop launches real estate funding and management platform
•   Merryoaks secures £1.2m loan in seven weeks
•   West One closes £8m development deal in seven days

While full planning for the scheme has not yet fully been granted, Sonic were comfortable utilising the certificate of lawfulness in place to establish a strong case for lending.

Sam Monk, director at Archway Capital, said: “This case shows the real value of a dynamic and flexible lender that is willing to take a view on a complex transaction amidst a market facing some uncertainty.

“Given the planning circumstances, the timeframe, the advance required and the highly leveraged position Sonic were able to support, being able to complete a ground-up development facility such as this in only 21 days is a very impressive feat for all parties involved.”