The bridging and development finance lender provided the loan to Arcot Grange Developments to acquire the site in Cramlington, near Newcastle.
The funding assisted with the purchase of the site and enabled the completion of three barn conversions.
In addition, Arcot intends to build out and sell seven building plots on the site, which has a current value of around £3m and a GDV of £4.75m.
The exit route for the loan will be the sale of the barn conversions.
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“This was a complex case and I’m delighted that we managed to get it over the line, with positive outcomes for all involved,” said Samantha Williamson, senior underwriter at Roma Finance.
“Arcot spotted the opportunity to purchase the partially completed development and its business plan showed that it was a viable site with potential to provide very desirable homes at a profit.”
Chris Blackwell, BDM at Synergy Commercial Finance, added: “Samantha was the senior underwriter on this transaction and, quite honestly, without her input, the transaction would likely have failed in the early stages, given the several different guises the transaction took along the way.”