Shawbrook agreed the flexible funding package in £3m tranches to support each stage of the development, with phase one of 14 units already completed and 50% sold.

The 65% GDV, 85% LTC 36-month term loan is being used for the construction of 46 houses, with 20% being affordable housing.

The developer, who was introduced to Shawbrook by John Shevlane at Pilot Fish Finance, presented a complex, phased scheme that demanded a bespoke funding solution to achieve the client’s vision.

Due to phase one of the project being ahead of schedule, the scheme had already generated some income to pay back the loan.

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John Shevlane, director at Pilot Fish Finance, said: “We recommended Shawbrook to this client because of the large size of the development, experience of the developer and Shawbrook’s flexibility to deal with a multi-phase funding approach.

“[The lender’s] flexible method was proven midway through the scheme, as Shawbrook were able to free up cash from property sales to enable the client to proceed with phase two of the development with no further arrangement fees.

“Mark Hedley (relationship director) from Shawbrook has been on hand from the initial site visit and for the majority of the drawdowns, resulting in him building detailed knowledge of the scheme, [enabling] our client to build a strong working relationship and making the process of gaining extended facilities much easier.”

Mark added: “We’re delighted on the progress of this development — we’ll be with the scheme all the way to completion — and are looking forward to seeing it come to life over the next two phases.”