Following the purchase of the land at the former brownfield site on Scott’s Way by East Anglian property developer Larkvale Homes, the 60% LTGDV 24-month term loan was facilitated by STB’s senior relationship director John O’Leary.

The development reached practical completion in February this year with six of the nine houses already sold.

Located just outside of Bury St Edmunds and valued at over £500,000 each, the properties were developed by Larkvale and built by local principal contractors Bury Developments.

The three- and four-bedroom homes place a significant emphasis on energy efficiency, with aluminium double-glazed windows, air source heat pumps and low-energy lights bringing each property to an EPC B rating.

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The development facility was repaid early after 15 months with the lender also facilitating a short-term bridging loan of £825,000 — secured against the remaining three unsold houses — to allow Larkvale to acquire the 275-year-old magistrates’ court Old Shire Hall, in the centre of Bury St. Edmunds. 

The Grade II listed building has been vacant since 2016 but will now be repurposed by the developer into seven luxury apartments.

Austin Cornish, director at Larkvale Homes, said: “Having become frustrated with the impersonal, automated approach from high street banks, it was a revelation to be presented with the hands on, face-to-face experience John offered.”

John added: “We have known Austin for some time, so when he contacted us about Scotts Way there was no doubt our visions would gel together.

“We are elated to see the completion of this countryside estate.”