The 18-month term loan has been arranged on behalf of a private developer client at 65% LTGDV. 

The developer is constructing 30,000 sq ft of general industrial and last-mile distribution space, following planning permission being secured in May.

Work on the scheme is expected to complete in Autumn 2024, at which point the developer will look to lease and hold through refinancing onto a longer-term facility.

This loan is the second arranged between the two parties.

Arc & Co arranged bridging finance at 70% LTV to acquire the site in summer 2022, enabling the borrower to benefit from short-term income during the planning process.

Cameron Hayes, asset finance advisor at Arc & Co, commented: “Ingenious Real Estate was extremely flexible to work with throughout the arrangement of these loans.

“We look forward to seeing the project built out and working with our client on the refinancing once work has been completed.”

Harry Cloke, investment director at Ingenious Real Estate, added: “This is a highly experienced developer and another top introduction from Arc & Co.

“We are delighted to be continuing the project into the development phase and adding to our ever-growing industrial strategy.”